We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (18,004)
  • Industry Conferences (4)
  • Industry Job Openings (3)
  • Moore on the Market (213)
  • Negative Media (139)
  • Positive Media (73)
  • Sheryl's Articles (661)
  • Wink's Articles (272)
  • Wink's Inside Story (245)
  • Wink's Press Releases (102)
  • Blog Archives

  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • Rising Inflation Seen as Biggest Risk to Americans’ Retirement Plans in 2022

    December 14, 2021 by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–Although Americans say they worried most about the COVID-19 pandemic in 2021, rising inflation is now seen as the biggest risk to their retirement plans, according to the annual New Year’s Resolutions Study* conducted by Allianz Life Insurance Company of North America (Allianz Life). Nearly half (48%) of respondents identified the pandemic as the most worrisome threat of 2021, with the rising cost of living following at 38%. However, looking ahead, a full one-quarter of Americans now view rising inflation as the single greatest risk to their retirement plans, more than doubling from 2020 (8%).

    This focus on inflation is significantly higher than other risks to retirement, many of which saw a significant decline in concern from 2020:

     

     

    2021

     

     

    2020

     

    Rising inflation

     

    25%

     

     

    8%

     

    Outliving my money

     

    8%

     

     

    10%

     

    Increased healthcare costs

     

    8%

     

     

    13%

     

    Job security

     

    7%

     

     

    12%

     

    “Given the seemingly constant changes with the pandemic, it’s no surprise it is top of mind for the majority of Americans as they think about saving and spending in the new year,” said Kelly LaVigne, vice president of Consumer Insights, Allianz Life. “However, inflation is clearly a more pressing concern as people live with it day to day. It’s also forcing them to think about how they can mitigate this significant risk to their retirement security down the road.”

    Less desire for professional help, more do-it-yourself approach

    At the same time, the percentage of people who identified financial stability as their top focus area for 2022 increased to 30%, the highest since 2017. Despite this, most Americans decline to make that commitment formal via their New Year’s Resolutions. The percentage of people including financial planning in their 2022 resolutions is at an all-time low of 12%, down 21% points from its high in 2009-2010. The primary reasons why people don’t include financial planning in their resolutions remain unchanged over the years: believing they already have a solid plan (34%) or that they don’t make enough money to worry about it (26%).

    In addition, most people prefer to go it alone rather than seek professional assistance with financial planning. Only 22% of respondents said they are more likely to seek the advice of a financial professional in 2022, down from 27% last year.

    This confidence could be a reflection of the fact that more people seem to be active in managing their finances – both in eliminating bad financial habits as well as establishing positive behaviors. The top bad financial habits from 2020 both saw declines this year, with less than one-third (28%) saying they “spend too much,” down from 32%, and only 23% saying they “save some, but not as much as they could,” down from 27%. Furthermore, a full one-third believe they have no bad financial habits, up from 28% in 2020.

    Millennials feeling financial angst, but see the light ahead

    Unfortunately, all Americans aren’t feeling equally as confident about the state of their finances. One-quarter of Millennials said their financial situation got worse this year compared to 2020, higher than both Gen Xers (17%) and boomers (15%). In addition, compared to other generations, Millennials are more concerned about stagnant wages (22% vs. 15% Gen X and 6% boomers) and job security (21% vs. 12% Gen X and 5% boomers). Moreover, Millennials are particularly concerned that the rising cost of living will impact their ability to pay for necessities (65%), and save enough for retirement (71%) and short-term goals (70%).

    These financial concerns may be having a negative effect on Millennials’ health. More than four in ten (46%) said they experienced more overall stress this year compared to last year, the highest of all generations (37% Gen X and 27% boomers), as well as more stress related specifically to their finances (41% Millennials vs. 28% Gen Xers and 16% boomers).

    That said, about four in ten (42%) Millennials are optimistic their financial situation will improve in 2022, much higher than Gen X (22%) or boomer (18%) respondents.

    “Whether you work with a financial professional or set your own agenda for managing your finances in the new year, it’s crucial to consider the various risks like inflation that can derail your financial strategy and adjust accordingly,” added LaVigne. “Regardless of your age or amount of time until your retirement, it is important to take into account all of these issues and begin to devise an action plan to mitigate these risks.”

    *Allianz Life Insurance Company of North America conducted an online survey, the 2021 Allianz Life New Year’s Resolutions Study, November 15-17, 2021 with a nationally representative sample of 1,115 respondents ages 18 years or older.

    About Allianz Life Insurance Company of North America

    Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® and one of the Ethisphere World’s Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2020, Allianz Life provided additional value to its policyholders via distributions of more than $10.1 billion. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

    Contacts

    Jeff Faust
    (763) 765-6614
    jeff.faust@allianzlife.com
    @AllianzLife

    Originally Posted at BusinessWire on December 13, 2021 by Allianz Life Insurance Company of North America.

    Categories: Industry Articles
    currency