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  • Millennials Feeling Less Financially Secure in 2019

    January 1, 2020 by Country Financial

    BLOOMINGTON, ILL.¬†‚Äď As 2019 comes to an end, Millennials are¬†continuing to feel financially stressed. The 2019 COUNTRY Financial Security Index¬†revealed that half (50%) of Millennials rate their level of financial security¬†as fair or poor, compared to 44 percent of Americans overall.

    More than 1,000 Americans were asked about their confidence levels in a variety of personal finance areas. Millennials stood out as the least confident generation, especially when it comes to feelings of being able to retire comfortably, pay off debt and have adequate insurance coverages for property, life and disability. *Media Note: See graphic for reference.

    Confidence is Caving

    Millennials’ confidence in their ability to pay off their debts (mortgage, car loans, credit cards, etc.) hit a low in 2019, with only 77% of Millennials feeling somewhat to very confident, versus 83% of Millennials surveyed in 2017, and 86% in 2015. 

    Their certainty that their possessions are adequately insured has also slowly declined over the last five years, with 77% feeling somewhat to very confident in 2019, compared to 83% in 2015.

    Millennials also feel the least certain they have in five years about their families being able to live comfortably should they become disabled or die today; 54% said they somewhat or very confident in 2019, compared to 64% in 2018. 

    ‚ÄúUnfortunately,¬†Millennials aren‚Äôt purchasing enough life insurance, and are insuring their lives¬†for much less than previous generations, leaving their family and loved ones¬†exposed to a vulnerable situation,‚ÄĚ said Chelsie Moore, Portfolio Manager at¬†COUNTRY Financial.¬†

    On the flip¬†side, half of Millennials say they have been able to set aside money in the¬†last two months for savings or investments. ‚ÄúWhen and how much you save is the¬†most important factor when planning for retirement,‚ÄĚ says Moore. ‚ÄúStart saving¬†now, even if it‚Äôs not very much as it can add up quickly, especially as you¬†invest it.‚ÄĚ

    Feelings of Security Grow with Age

    Baby Boomers and the Silent Generation are the most confident about their finances, with 59% rating their financial security as good or excellent. Nearly all Baby Boomers and Silent Generation (91%) are confident they can pay their debts, and eight in 10 say their families will be able to live comfortably if they were to become disabled or pass away.  

    Media Contact
    Carrie Skogsberg
    carrie.skogsberg@countryfinancial.com
    309-821-4175

     

    Millennials were less confident in several areas of personal finance in 2019 compared to Americans as a whole. 

    About the COUNTRY Financial¬†Security Index¬ģ‚ÄĮ‚ÄĮ¬†
    ‚ÄĮ¬†
    Since 2007, the COUNTRY¬†Financial Security Index has measured Americans’ sentiments of their personal¬†financial security. The Index also delves deeper into individual personal¬†finance topics to better inform Americans about the issues impacting their¬†finances.¬†View past surveys in the¬†COUNTRY Financial Security Index¬†newsroom.¬†¬†

    The COUNTRY Financial Security¬†Index was created by COUNTRY Financial and is compiled by Ipsos, an independent¬†research firm. Surveys were conducted using Ipsos’ KnowledgePanel¬ģ, a¬†national, probability-based panel designed to be representative of the general¬†population and includes responses from approximately 1,025¬†U.S. adults for¬†national surveys. The margin of¬†sampling error for a survey based on this¬†many interviews is approximately +/- 3 percentage points with a 95 percent¬†level of confidence.‚ÄĮ¬†

    About COUNTRY Financial¬ģ‚ÄĮ‚ÄĮ¬†
    ‚ÄĮ¬†
    The COUNTRY Financial¬ģ‚ÄĮgroup¬†(www.countryfinancial.com)¬†serves about one million households and businesses throughout‚ÄĮthe‚ÄĮUnited¬†States. It offers a wide range of financial‚ÄĮproducts and services from auto,¬†home, business and life insurance to retirement planning services, investment¬†management and annuities.‚ÄĮ¬†¬†

    Visit COUNTRY Financial on Twitter @HelloCountry, on Facebook @COUNTRYFinancial and on Instagram @countryfinancial.  

    About Ipsos Public Affairs‚ÄĮ‚ÄĮ‚ÄĮ¬†
    ‚ÄĮ¬†
    Ipsos is an independent market research company¬†controlled and managed by research professionals. Founded in‚ÄĮFrance‚ÄĮin 1975,¬†Ipsos has grown into a worldwide research group with a strong presence in all¬†key markets. Ipsos ranks third in the global research industry. At Ipsos we are¬†passionately curious about people, markets, brands and society. We make our¬†changing world easier and faster to navigate and inspire clients to make¬†smarter decisions. We deliver with security, speed, simplicity and substance.¬†We are Game Changers. With offices in 88 countries, Ipsos delivers insightful¬†expertise across six research specializations: advertising, customer loyalty,¬†marketing, media, public affairs research, and survey management. Ipsos¬†researchers assess market potential and interpret market trends. We develop and¬†build brands. We help clients build long-term relationships with their¬†customers. We test advertising and study audience responses to various media¬†and they measure public opinion around the globe. Visit‚ÄĮwww.ipsos.com/en-us‚ÄĮto¬†learn more about Ipsos’ offerings and capabilities.‚ÄĮ¬†¬†

    Originally Posted at Country Financial on December 18, 2019 by Country Financial.

    Categories: Industry Articles
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