(NewsNation) — Many Americans are more worried about running out of money than death, according to a survey from the Allianz Center for the Future of Retirement.
The 2025 Annual Retirement Study also showed that around 62% of people surveyed said they aren’t saving as much for retirement as they want to be, and 54% said inflation is contributing to their fears about money.
Boomers more likely to choose high inflation as reasoning for money fear
According to the survey, there were several factors that contributed to this fear of running out of money, including:
- High inflation (54%)
- Social Security income not being enough (43%)
- High taxes (43%)
The study showed that Boomers were more likely to choose high inflation than millennials or Gen Xers. This fear overall is larger in the Gen X group at 70%.
Kelly LaVigne, the VP of consumer insights at Allianz Life, said, “With Americans living longer in retirement and facing risks like market volatility, creating a financial strategy so that your money lasts your lifetime is a daunting task. … A financial professional can design a strategy to help ease your worries about running out of money.”
Americans believe increased retirement savings will solve issue
Allianz Life’s study found that few Americans have actually addressed their concerns with a professional. Only 23% of the people surveyed said they had spoken with their financial professional. In 2024, this was at 28%.
When looking at different races, Asian/Asian Americans were more likely to discuss this fear than white, Black and Hispanic respondents. Americans believe some of the most helpful solutions to address money concerns include:
- Increasing retirement savings (44%)
- Reducing spending (41%)
- Working longer (39%)
Most Americans aren’t saving as much as they want to be for retirement, and some of the factors that are keeping them from doing so are:
- Day-to-day necessities (63%)
- Credit card debt (40%)
- Housing debt (35%)