In America, dying is no longer that scary but being penniless is. When you’re dead, you’re dead. But when your wallet is empty, though you’re alive, it’s like being a zombie walking around in hell every day.
People’s long-standing apprehension of meeting their Creator has been replaced by the anxiety of having an empty wallet. The financial balance is scarier in today’s volatile economic climate than the actual balance of life and death.
The study
In a recent survey of 1000 Americans conducted by the Allianz Life Insurance Company, 61% of respondents claimed that their greatest fear was running out of money rather than death itself. Because once you die, you truly die. However, you face serious issues if you lack funds.
Anxieties over becoming penniless
An enormous percentage of Americans are anxious about the increasing costs of basic necessities such as food, housing, fuel, and healthcare. These concerns strongly impact their long-term retirement objectives.
Forty-nine per cent of the respondents claim that their capacity to pay for essential expenses is at risk due to rising daily costs. Approximately 40% of Americans acknowledge that their retirement plan is out of control, and 56% now include “financial crises” as a constant in their retirement planning.
The Allianz poll also revealed that many people are apathetic about their long-term financial objectives. Forty percent of the respondents admit they don’t have a set financial strategy for retirement and will instead cross the bridge when they get there. This carefree attitude is further demonstrated by the fact that 56% of respondents are unsure of where to begin planning beyond keeping up with the necessities like a 401(k) or IRA.
Career and healthcare
According to the Allianz poll, younger generations are very concerned about healthcare as they age, especially given the rising prices.
Fifty-six percent of millennials and 49% Gen Xers said they feel trapped in their current work for fear of losing their health insurance if they shift careers, compared to only 34% of boomers. Everyone now seems to be afraid of being penniless.
Finally, more than half of millennials (57%) believe they get less support than their parents did. This presents a somber picture of the trust that contemporary workers place in their employers’ dedication to their financial security.
The “new death”
The fear of becoming penniless is quickly replacing “death and taxes” as the new “death” in today’s world. With the economy in flux, there is undoubtedly an increasing demand for people to gain better financial literacy and strategic planning with their finances.
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