Here’s What People Are Worrying About (or not) When It Comes to Finances

Here’s What People Are Worrying About (or not) When It Comes to Finances

Each year Life Happens and LIMRA join forces on the Insurance Barometer Study to get the latest and greatest information about what consumers are thinking when it comes to the financial concerns that are bothering them the most as well as what types of insurance they do or don’t have—and why! Take a look at some of the results and then just click to tweet them out!


The Financial Concern Index (FCI) dropped 9 points from 2017, suggesting consumers feel better about their economic situation and have a more positive financial outlook. #2018Barometer
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42% of consumers say they are very or extremely concerned about saving for a comfortable retirement; 20% say it’s their top financial concern. #2018Barometer
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Health coverage concerns consistently rank among consumers’ top financial worries. #2018Barometer
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Living expenses are the top financial concern for 13% of consumers. #2018Barometer
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Almost everyone (90%) believes a family’s primary wage earner needs life insurance. #2018Barometer
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35% of households would feel the financial impact within 1 month, if a primary wage earner died. #2018Barometer
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1 in 5 people who have life insurance say they don’t have enough. #2018Barometer
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2 in 5 Millennials say they wish their spouse or partner would buy more life insurance. #2018Barometer
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61% of people don’t buy life insurance or more of it because they say they have other financial priorities. #2018Barometer
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44% of Millennials overestimate the cost of life insurance by five times the actual amount. #2018Barometer
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Half of all consumers say they’re more likely to purchase life insurance if it’s priced without a physical exam. #2018Barometer
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“Fast and easy” is the benefit that most consumers (72%) like about simplified life insurance underwriting. #2018Barometer
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54% of Millennials are likely to ask social-media connections for recommendations on a financial professional. #2018Barometer
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67% of consumers say they wouldn’t do business with an advisor with an out-of-date website. #2018Barometer
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Half of consumers want a primary financial advisor: 37% have one, 14% are looking for one. #2018Barometer
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If you are looking for the complete study, you can access it here. If you have any questions, reach out to support@lifehappenspro.org.

Provided by: Life Happens

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