Financial worries rarely belong to just one age group. Whether it is keeping up with everyday expenses, building an emergency fund, preparing for retirement, or thinking about future healthcare costs, people at different stages of life face different questions about money.
Recent research from the 2025 Insurance Barometer Study, conducted by Life Happens and LIMRA, offers an interesting look at how financial concerns vary across generations. One concern, however, continues to appear near the top of the list: preparing financially for retirement.
Retirement Remains a Major Concern
For many Americans, having enough money to retire comfortably remains an ongoing source of uncertainty. In the 2024 study, 44% of respondents said they were concerned about having enough money for retirement.
This concern has remained consistent throughout the history of the study, suggesting that retirement planning continues to be a long-term financial challenge rather than a temporary worry.
But while some concerns remain remarkably consistent, the generations experiencing them most strongly can change over time.
A Shift in Generational Priorities
One of the more notable findings is the changing pattern of financial concern among different age groups.
Millennials reported the highest level of concern across nine of the 15 financial issues included in the study. This represents a noticeable shift from earlier findings, when Gen X reported the highest concern across most of the financial topics measured.
The change illustrates how financial priorities can evolve as different generations move through different stages of life.
Millennials, for example, may be balancing retirement savings with emergency funds, healthcare expenses, income protection, housing costs, and other responsibilities. These overlapping financial pressures can make long-term planning feel more complicated.
The Concerns Go Beyond Retirement
When looking more closely at the issues that concern Millennials, several themes stand out.
Retirement savings remain a significant priority, with 54% expressing concern about having enough money for the future.
Emergency savings are another major consideration, with 45% worried about having sufficient funds available when unexpected expenses arise.
Income protection is also important. Around 45% expressed concern about being able to support themselves if an illness or injury prevented them from working.
Healthcare and long-term care add another layer of uncertainty, with 40% concerned about medical expenses and another 40% concerned about paying for long-term care if they could no longer care for themselves independently.
Taken together, these concerns point toward a broader issue: people are not simply thinking about one financial milestone. They are trying to prepare for several possible challenges at once.
The Knowledge Gap
Interestingly, concern does not always translate into financial protection.
Life insurance ownership, for example, was lower among Millennials than among Gen X respondents in the study. Cost was one reason cited by people who did not have coverage.
At the same time, many respondents significantly overestimated what life insurance might actually cost. Some relied on guesses or general impressions rather than specific information when estimating premiums.
That gap between perception and reality can make financial planning more difficult. When people assume something is unaffordable before learning what options are available, they may never explore the coverage that could potentially fit their circumstances.
Different Risks, Different Types of Coverage
Life insurance is not the only type of protection that can relate to these financial concerns.
For someone worried about losing their income because of a disabling illness or injury, disability insurance may be worth exploring. Yet awareness and ownership of this type of coverage remain relatively limited among younger adults.
Long-term care is another area that deserves attention. Depending on the policy and circumstances, certain insurance products can combine life insurance with long-term care benefits, giving people another option to consider when planning for multiple financial risks.
The right solution will depend on individual circumstances, finances, goals, and existing coverage. There is no single product that addresses every financial concern.
Turning Financial Concerns Into Questions
Financial uncertainty can feel overwhelming when every possible risk is considered at once. A more practical approach may be to identify the concerns that matter most and learn what tools exist to address them.
That could mean reviewing life insurance, exploring income protection, learning about long-term care coverage, strengthening emergency savings, or simply taking a closer look at an existing financial plan.
The first step is often information.
Understanding how different types of insurance work, what they may cover, and how costs are determined can make it easier to have a meaningful conversation with a qualified insurance professional.
Planning for More Than One Future
Financial priorities change as life changes. The concerns of one generation may look different from those of another, but the underlying need is familiar: people want to feel more prepared for the unexpected while building toward the future.
Rather than trying to solve every financial concern at once, starting with the risks that matter most can create a clearer path forward.
Because financial planning is not only about preparing for retirement. It is also about understanding the risks along the way—and knowing what options are available when life takes an unexpected turn.