Confidence In Managing Financial Future Lacking At All Ages

Confidence in managing current finances rises significantly with age, from 25% of Gen Z adults who have a great deal of confidence to 31% of Millennials, 38% of Gen X and 54% of Baby Boomers. But confidence about the future is less divided by age. Gen X stands out as it approaches retirement: only 26% express a great deal of confidence in managing future financial needs, while 39% worry whether their current and future savings will last. Younger adults face different pressures, with 53% of Gen Z regularly experiencing financial stress and more than six in 10 Gen Z and Millennials making increased household income a high priority.

Different financial concerns by life stage give sellers multiple ways to approach financial advisors, banks and credit unions, investment firms, retirement planners, insurance providers, mortgage lenders and financial education services. Campaigns can speak to younger adults focused on increasing income and building wealth while addressing retirement planning, savings longevity and financial security among older consumers.