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Lincoln Financial Study Finds Inflation Is the Number One Financial Concern Among Consumers of Every Generation

Lincoln Financial celebrates Financial Literacy Month with a new 2024 Financial Concerns Report addressing the top financial concerns impacting consumers through each life stage

In honor of Financial Literacy Month, Lincoln Financial Group (NYSE: LNC) today published its 2024 Financial Concerns Report to shine a light on the biggest financial concerns impacting Americans through every stage of their lives and offer insight into whether people are addressing their concerns.

“When it comes to our finances, so many of us are concerned about the same things, but it’s important to recognize the unique needs we have throughout our different stages of life,” said Tim Seifert, senior vice president, Head of Retirement Solutions Distribution. “Lincoln is committed to providing financial security to our customers and their families, and we hope that this report will be a catalyst to help spark conversation and get people actively thinking about ways to take action to address their own concerns and build strong financial futures.”

Inflation is impacting consumers across generations.

The study revealed that inflation is the top cited financial concern (66%) among American consumers across every generation. Inflation also underpinned other financial worries, with 59% of consumers concerned about whether they’ll have enough income to keep up with rising costs of living, as well as whether they’ll have enough income in retirement. Despite the focus on inflation, few are taking action to combat it – even among those who work with a financial professional. Only 17% of respondents who cited inflation as a concern have recently sought advice about how to address their concern.

Each generation has unique concerns aligned to their specific stage of life.

While inflation is a top concern across all generations, specific nuances surfaced within each group:

  • Gen Z is the only generation citing "Paying for my education expenses / student loan debt” as a top three concern (48%).
  • Millennials, who have faced several economic challenges throughout their lifetimes, are the most concerned generation overall, particularly when it comes to finding affordable housing (52%) and paying for childcare (37%).
  • Gen X were the most concerned (64%) about having enough income in retirement.
  • Baby boomers were the only generation to cite “Protecting myself against identity theft, cybersecurity, fraud, etc.” in their top three concerns (54%).

Consumers are more likely to seek information about financial topics related to affording costs of living, versus concerns that can be addressed with retirement and insurance products.

For example:

  • Having enough income in retirement is the #3 ranked concern among all consumers, but 41% of concerned consumers have not discussed or researched ways to address it
  • Supporting myself or family if I become disabled or have a chronic illness is the #4 ranked concern, yet 51% of concerned consumers have not discussed/researched

Even those who work with a financial professional are not immune to these concerns, perhaps because of a lack of awareness – just 21% of consumers have sought advice about having enough income in retirement, despite it being their #2 ranked concern. Similarly, while the impact of taxes on retirement savings/investments is the #3 ranked concern, only 28% of concerned consumers have sought advice from a financial professional about how to address this concern in the past 3 months.

“We see a clear opportunity for advisors to address consumers’ top financial concerns head on with their clients. Many may not realize the solutions available to them, so providing education on available support is crucial for maintaining strong client relationships,” said Ralph Ferraro, senior vice president, Head of Retirement Plan Services. “At Lincoln, we understand that preparing for the impacts of inflation and ’what ifs’ that can be barriers to financial success requires personalized support and innovative digital solutions. Our model leverages both to help individuals navigate their financial journey with confidence.”

Throughout the month of April, Lincoln will be posting educational content across its social media channels, providing valuable insights into the report. Consumers looking for guidance and resources on ways to take action towards many of the most common concerns can use Lincoln Financial’s Financial Wellness Toolkit, that provides steps to making a financial plan, tips for preparing for retirement, actionable ways to create an emergency fund for the “what ifs.” The Toolkit is also home to a number of financial calculators that can support a number of financial goals like savings, debt paydown, college planning, compound interest and more.

About Lincoln Financial’s 2024 Financial Concerns Report

The 2024 Financial Concerns Report is made from data obtained by Lincoln’s Consumer Sentiment Tracker, which is a research program that includes quarterly tracking surveys as well as omnibus surveys throughout the year. The goal of this research is to gauge consumer sentiment on a variety of financial topics and examine trends over time.

In January 2024, data was collected from 1031 US adults using the Qualtrics survey platform. The sample includes quotas to be representative of the total U.S. adult population.

We are defining each generation as the following: Gen Z (age 18-28)*, Millennials (age 29-43), Gen X (age 44-59), Baby Boomers (age 60-78)

*Only Gen Z adults 18 years and older participated in this study.

About Lincoln Financial Group

Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses — annuities, life insurance, group protection, and retirement plan services. As of December 31, 2023, the company had $295 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at

Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.



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