The 25-35 demographic ushers in a new wave of financial planningNew research from Saturday Insurance, an online independent insurance advisory saturdayinsurance.com/
The Coronavirus crisis seems to have delivered an era of fiscal responsibility among younger adults. A new survey conducted by PSB Research for Saturday Insurance shows that 25- to 34-year-olds are more likely than other adults to be tackling their finances and other matters of work and planning during this period.
“While there’s been a good deal of information out there indicating that Americans are spending their recently found home time watching television, organizing and exercising, many are using their time to prepare for their futures,” said Dennis Ho, CEO of Saturday Insurance.
According to the data, those in the younger age group spending more time at home during the pandemic are much more likely to be addressing their personal finance needs: refinancing or consolidating debt, buying or reviewing life or disability insurance, creating or updating legal documents and researching long-term care options for themselves or their parents. They’re also working more, doing more long-range financial planning and reviewing their spending.
“This time in American life is revealing different motivations among an age group that had previously been associated with delaying adult responsibility,” said Ho. “The crisis does seem to be serving as a wake-up call for this group that is just beginning to embrace marriage, children, home ownership and eldercare, which has traditionally been a driver of fiscal responsibility.”
The data also shows that:
- Americans between the ages of 25 and 34 are twice as likely as other Americans to be researching insurance and long-term care options as a result of more time spent at home during the Coronavirus epidemic.
- They are as likely to be spending more time working as doing long-term financial planning and reviewing their spending and budgeting.
- Those investigating life and disability insurance view a lack of information, difficulty in selecting the right policy, and an inconvenient buying process as the top inhibitors to buying insurance.
- Americans also have a considerable number of questions about long-term care – specifically, what type of care they or their parents will need.
PSB Research conducted an online, quantitative survey among 1,000 members of the U.S. general population over the age of 18. Research was conducted on April 2, 2020. The sample is representative of the U.S. national population, per the U.S. Census. The margin of era for this study is +/- 3.10%.
About Saturday Insurance
Saturday Insurance is an online independent insurance agency founded by long-time insurance executives, CEO Dennis Ho and COO Chris Cheng, based on their passionate belief that having the right insurance helps people live happier lives. Their mission is to make insurance simple, transparent and affordable for all. They designed the Saturday Insurance experience to be different, with no commissioned agents, transparency throughout the purchase process, and personalized, unbiased advice from experts. It is a modern, independent agency that is redefining the experience of choosing the right protection for one’s family. Saturday Insurance is licensed in all 50 states and the District of Columbia. CEO Dennis Ho has authored financial articles for Kiplinger, the HumbleDollar and Advisor Magazine, among others. Visit Saturday Insurance here.