|PR Newswire Association LLC|
According to the annual study, half of consumers age 25-34 (52 percent) state they are very or extremely concerned about having sufficient funds for a comfortable retirement compared with just 47 percent of consumers age 35-44. Nearly a third of millennials (27 percent) are as concerned about paying for a child's schooling (compared with 21 percent of those age 35-44) and burdening others with final expenses (28 percent, compared with 19 percent of consumers age 35-44). Surprisingly, consumers under age 25 show the most worry of all age groups when it comes to paying for medical expenses (43 percent are very or extremely concerned), leaving dependents in a difficult situation if they were to die prematurely (38 percent), and paying for a child's schooling (36 percent).
"Having come of age through the recession and facing uncertainty about the future of employer and government protections, millennials are having to take personal financial responsibility to ensure their future plans are secure," said
Misconceptions Hindering Consumer Purchasing Decisions Despite the Need
According to the study, nearly one third of adults overall (31 percent) believe they would feel the financial impact from the loss of a primary wage earner within one month of their passing. That may be a reason why, consistent with previous years, about 65 percent of consumers agree that they personally need life insurance and one in four (27 percent) believe they need more. One third of those surveyed under age 25 (33 percent) and age 25-34 (29 percent) say they need more.
The most commonly cited reason survey respondents provide for not purchasing more is cost (63 percent cited "too expensive") followed next by having "other financial priorities" (59 percent). The survey found this to be particularly true among younger consumers, who are generally more likely to qualify for preferred rates because of their age and health status.
When asked the price for a
"Our findings showed an astounding lack of awareness about the true cost of life insurance. Yet, younger consumers are not alone in this misconception. Overall, more than 80 percent of Americans we surveyed overestimate the cost of life insurance and this misconception hasn't changed much in recent years," said