Eighty-three percent of Americans ages 18 to 34 are straining to figure out their options for insurance coverage, and 79% are struggling to understand their choices for retirement planning, according to a new survey released Thursday.
By comparison, 70% of the general population feels overwhelmed by insurance options and 67% about retirement choices, according to a poll commissioned by Lincoln Financial Group, which was conducted among 2,273 adults 18 and older in early April.
The survey found that notwithstanding their financial planning challenges, millennials were trying to be good savers. Eighty-three percent said they saved money from every paycheck, compared with 78% of the general population.
An equal percentage of millennials said significant events — marriage, birth of a child, purchase of a new home — motivated them to plan for their financial future, versus 72% of other respondents who were inspired by such events.
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(A study released in June by Realtor.com found that an increasing number of millennials were buying a home this year.)
According to the Lincoln Financial survey, online research was the most popular financial planning information source for 38% of millennials.