Insight from The Allianz Longevity Project

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While Americans are optimistic about the prospect of living an average of 30 extra years, 70% feel financially unprepared to live to 100 and beyond.

The study found that fears surrounding money and a lack of planning are formidable barriers that keep people from taking risks and following their dreams. Despite these barriers, Americans have a clear understanding that preparation, self-discipline, and a longevity plan are the keys to longer, more fulfilling lives that could follow a nontraditional life path. The study also revealed that having a financial professional adds support which could open the door to living life in a unique way.

Study Highlights:

  • More Gen Xers (79%) and millennials (74%) report feeling financially unprepared than boomers (57%)
  • When asked to finish the sentence, “Following your dreams is all well and good, but you need to have …,” the top two barriers chosen were “enough money” (57%) and “a good financial plan” (50%).
  • As respondents considered their extra years, 45% said that “uncertainty” most closely described their feelings about the future. This uncertainty is echoed by the fact that more than half (51%) identified “having enough money to last my whole life” as a very big problem when they thought about living to age 100.
  • When asked what got in the way of following a different approach for when and how they made major life decisions, “worries about money” got in the way for most, followed by “life events,” “lack of a clear plan for how to go about it,” and “fear of failure” getting in their way.

Study Methodology: The Allianz Life The Gift of Time study was conducted by Larson Research + Strategy via online survey in March 2016 with 3,000 U.S. adults – including 1,000 baby boomers (ages 52-70), 1,000 Gen Xers (ages 37-51), and 1,000 Millennials (ages 20-36) – with a minimum household income of $30K+ and was commissioned by Allianz Life Insurance Company of North America.

Media Contacts

To learn more about The Gift of TimeSM, The Allianz Longevity Project, please contact:

Jeff Faust
763.765.6614
Jeff.Faust@allianzlife.com


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