Americans are able to brush off their fear of dying. Having no money, though? That’s a different story.
The 2025 Annual Retirement Study from the Allianz Center for the Future of Retirement found that nothing is scarier to Americans than going broke, even death.
Videos by VICE
After surveying 1,000 people who were 25 or older and made at least $50,000 per year, the study found that 64 percent of people worry more about running out of money than death.
Rising inflation, low social security payouts, and high taxes were the most cited reasons for the fear. Boomers said inflation was the main cause of their fears, while millennials and Gen Xers were less likely to believe as much.
The fear of running out of money isn’t specific to one age group. However, Gen Xers, who are fast approaching retirement, and millennials were the most prominent groups, with 70 percent and 66 percent, respectively, admitting to the fear.
Sixty-one percent of boomers copped to the fear. The number is likely lower in that instance because many in that age bracket have already retired.
What Are americans doing about their fear of Going Broke?
While the fear is a common one, only 23 percent of Americans have talked about their worries with a financial professional.
Even though the fear is present amongst many, 62 percent of people admitted that they’re not saving as much as they’d like to. Day-to-day necessities, credit card debt, and housing debt are the most common reasons for being unable to save.
As for how they combat the fear, respondents said increasing retirement savings, reducing spending, and working later are the main tools they use.
“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,” Kelly LaVigne, VP of consumer insights at Allianz Life, said. “A strong retirement strategy will go beyond a dollar amount in the bank—it will also address how you will create a reliable income stream from your assets. A financial professional can design a strategy to help ease your worries about running out of money.”
