Americans Refocus on Financial Security, AIG Poll Shows – InsuranceNewsNet


NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement today announced the results of a new study, Americans go ahead, which shows that individuals are thinking more critically about how future events might impact their finances. More than half of survey respondents said long-term financial planning has become more important (58%) and that they intend to save more (56%) and pay more attention to how they spend and manage their money (55%).

Prioritize financial security and planning

According to the AIG Life & Retirement survey, Americans recognize the need to take action to create financial security and protect against financial uncertainty. The main financial priorities of the respondents are:

  • Increase or start saving for retirement (66%)
  • Repay debt (65%)
  • Create or develop an emergency fund (63%)
  • Financial planning (63%)

Many remain concerned about future uncertainties, pointing to healthcare costs in retirement (80%), independence later in life (80%), availability of social security (77%) and lack of retirement money (74%).

More than nine in 10 (91%) consider financial products that provide lifetime income in retirement to be valuable, with 34% saying they are very valuable. There is also strong interest in life insurance, with 43% saying it has become more important to get or increase life insurance.

Importantly, more than two-thirds of respondents (70%) say they want to work with a finance professional in the next year, and 58% of those who already have a finance professional say they intend to work more. closely with him in the future. .

“Having a finance professional by your side is essential to building a secure and bright future,” said Terri Fiedler, president and CEO of AIG Financial Distributors. “We are proud to work with so many finance professionals who are helping to enable more people to achieve financial and retirement security.”

Women are less likely to report financial improvement

While 41% of men say their financial situation has improved compared to the previous year, the same is true for only 26% of women. This gender gap extends to several categories:

  • Retirement readiness – Only 18% of women report improvement, compared to 41% of men
  • Household employment income – 24% of women report improvement, 39% of men
  • Level of assets/savings – 28% of women report improvement, 49% of men
  • Ability to save – 32% of women report an improvement, 48% of men

“Women have made strides in closing the gender gap in business, education and politics, but financial challenges persist,” Fiedler said. “Our industry must work together to enable more women to achieve financial and retirement security.”

Generation Y emerges as the most optimistic generation

The study reveals that millennials are the generation that found the most optimism. Nearly half of millennials (48%) say their quality of life is better or much better compared to the previous year, compared to 38% of Gen Xers and 22% of baby boomers.

When asked about their financial well-being, 42% of millennials say their financial situation is better or much better, compared to 35% of Gen Xers and just 18% of baby boomers.

They are also more likely to report improvement in the following areas:

  • Ability to save – 53% Gen Y, 38% Gen X, 21% Baby Boomers
  • Career – 50% Gen Y, 36% Gen X, 10% Baby Boomer
  • Asset/Savings Level – 48% Millennials, 36% Gen X, 26% Baby Boomers
  • Household employment income – 44% Gen Y, 31% Gen X, 13% Baby Boomers
  • Non-Mortgage Debt – 39% Millennials, 24% Gen X, 12% Baby Boomers

More information about the study Americans go ahead can be found at aig.com/movingforward.

Study methodology

The AIG Life & Retirement Americans Moving Forward survey was conducted by Greenwald Research in July 2021 and included 1,003 respondents. Interviews were conducted online and results are weighted for a sample structure representative of gender, age, household income, race/ethnicity, and education.

This material is general in nature, has been developed for educational purposes only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, or to make recommendations.

Sarah J. Greer