Are Millennials ‘Financially Fragile?’ – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Top Stories
Topics
    • Life Insurance News
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Articles
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
Sign in or register to be an INNsider.
  • Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
  • Insider Pro
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Top Stories
Top Stories RSS Get our newsletter
Order Prints
April 5, 2019 Top Stories No comments
Share
Share
Tweet
Email

Are Millennials ‘Financially Fragile?’

By Cassie Miller

BALTIMORE -- The rising cost of living and cost of education has changed the financial landscape for millennials. But as Matthew Greenwald and AnnMarie Pino of Greenwald & Associates discovered, there’s more for advisors to understand when it comes to millennials and financial fragility.

Greenwald and Pino led a session today at the 2019 Retirement Industry Conference, presenting recent survey results of financial behaviors and habits across five generations. Funded and made public by the Society of Actuaries, Greenwald and Pino’s research sought to compare and contrast how each generation’s habits shaped their retirement readiness and outlook.

The survey of 2,000 respondents across five generations (millennials, Generation X, early and late baby boomers and the silent generation) accounted for everything from family-related values to attitudes in an attempt to better understand each generation’s financial perspectives.

Related stories

  • Survey: Annual 2022 health premiums steady, but may be ‘calm before the storm’
  • Passage of the Secure Act 2.0 brings retirement crisis into focus

The survey yielded some surprising results when respondents were asked if they believe that their generation has had the same financial stability and outlook as their parents’ generation.

“Other generations said millennials have it harder,” Greenwald said.

Shocked by this admission from older generations, Pino said, “You hear a lot about millennials – we present a lot of data about millennials having a hard time, but I think showing that it’s not just them saying that, but others reflecting it saying, ‘compared to what I went through, it is harder’ gives some credence to a lot of the data."

Gen X also believed that they had it harder than previous generations while boomers and the silent generation said they had it easier.

Greenwald and Pino believe that this flip in outlook and stability is caused by a stage of life not yet recognized.

The stage is called “transition to adulthood.” This stage that started with the late boomers and Gen Xers has been extended over the decades and is now affecting millennials.

Factors that Greenwald says have contributed to the growth of this transition stage are:

• Lengthening life span.
• Cost of education.
• Putting off what is perceived as “adult” responsibilities (parenthood, homeownership, etc.).
• Increased difficulty entering the labor force.

Greenwald said this revelation is important for the financial services industry because it’s adding to an individual’s financial demands.

“For most of human history, there have been three stages of life and now there are six stages of life. I think that it’s important because it is the only at one stage of life that people earn money,” Greenwald said. “The other stages of life take money, which puts pressure on people.”

Greenwald and Pino believe that the financial services industry should apply these findings to their own practices.

“I think we have to increasingly recognize that people are coming in with these pressures,” Greenwald said. “And we need to adjust the guidance we give them for planning for retirement and what their goals should be.”

AdvisorNews Managing Editor Cassie Miller may be reached at [email protected]. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.

© Entire contents copyright 2019 by InsuranceNewsNet.com Inc. All rights reserved. No part of this article may be reprinted without the expressed written consent from InsuranceNewsNet.com.

Older

It’s A Fixed Annuity World And Distributors Just Live In It

Newer

Distributors Foresee Annuity Boom Through Advisory Channels

Advisor News

  • 'Sandwich generation' survey says Americans caring for children and aging parents are financially stressed
  • Jury finds Lexington investment advisor, guilty of charges related to fraud
  • Chicago investment advisor indicted for allegedly swindling clients out of $683,000
  • Will the family maximum limit my Social Security benefits?
  • South Florida resort sold for $835M, biggest deal for a U.S. hotel since pandemic started
More Advisor News

Annuity News

  • Winning $754.6M Powerball ticket sold in Washington
  • $747 million Powerball jackpot still up for grabs
  • Study: Does pessimism really suppress annuity sales?
  • Sweet streams of income: ChatGPT, the bard of annuities
  • F&G Annuities & Life announces equity investment in life IMO SYNCIS
Sponsor
More Annuity News

Health/Employee Benefits News

  • Wyoming Medicaid expansion set to die in the House
  • Bitter with the sweet on Medicaid expansion
  • Texans brace for the end of nearly three years of pandemic Medicaid coverage
  • Survey: Annual 2022 health premiums steady, but may be ‘calm before the storm’
  • Florida looks to double amount of medical-marijuana licenses
More Health/Employee Benefits News

Life Insurance News

  • Jury hears about financial crimes in Murdaugh murder trial
  • In Murdaugh murder trial, the path to conviction remains unclear
  • Libby Murdaugh's caretaker saw Alex night of murders for '20 minutes', but he said '30 to 40'
  • SC judge in Murdaugh murder trial allows jury to hear alleged financial crime motive
  • How the cases in Alex Murdaugh's murder trial are shaping up
More Life Insurance News

- Presented By -

Top Read Stories

  • Allstate reports $1.4B loss for 2022; increases rates, policy restrictions
  • Fed slows interest rate increases; more hikes expected
  • American Equity readies 2022 earnings report amid ongoing conflicts
  • Research on Oral Health Detailed by Researchers at University of Washington (Health insurance is associated with dental care use among university students in Washington State): Health and Medicine – Oral Health
  • Doctor convicted of using adulterated equipment
More Top Read Stories >

FEATURED OFFERS

Meet Encova Life
We know agents matter. You can count on our life team to be high tech, high touch and responsive.

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus

Top Sections

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2023 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.