No Money Over Death? Study Shows Americans Fear Going Broke More

Nearly two in three Americans (64 percent) are more scared of running out of money than dying, a new study has found. The Allianz 2025 Annual Retirement Study, which surveyed 1,000 U.S. workers aged 25 plus, found that the majority of millennials, Gen Xers and baby boomers harbor fears about dwindling savings, namely when they stop working. Gen Xers, for whom retirement is fast approaching, were most concerned, with 70 percent saying they have a greater fear of financial instability later in life than death. Among millennials, 66 percent said they feared running out of money more. Boomers, who are often thought to be more financially secure due to retirement benefits and accumulated wealth, still had 61 percent say they feared financial ruin more than the end of life. The study identified the top reasons why people are so concerned about their financial futures. Leading the list was high inflation, cited by 54 percent of respondents. Tied in second place at 43 percent each were high taxes and doubts that Social Security will provide adequate support in retirement. In 2015, Social Security benefits represented about 31 percent of the income of people over age 65, according to the Social Security Administration data released in 2024. Thirty-nine percent said they could imagine a future where Social Security—which is distributed to nine out of 10 people age 65 and older—no longer exists at all.

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Source: Newsweek