New American Fear: Going Broke Scares People in the U.S. More Than Death

Financial anxiety has reached levels that surpass one of humanity’s most primal fears in surprising new research findings. A comprehensive study reveals how economic pressures have fundamentally shifted what keeps Americans awake at night, challenging traditional assumptions about our deepest concerns. 

While previous generations may have prioritized different concerns, modern Americans face unprecedented financial challenges that overshadow even fears of mortality. Understanding these shifting priorities offers insight into broader economic trends that affect millions across different age groups and income levels.

Study Reveals Shocking Priority Shift

Allianz Life’s 2025 Annual Retirement Study surveyed 1,000 Americans aged 25 and older who earn at least $50,000 annually, finding that 64 percent worry more about running out of money than about dying. Such findings represent a significant departure from traditional anxiety patterns, suggesting fundamental changes in how people perceive life’s greatest threats.

Kelly LaVigne, VP of Consumer Insights at Allianz Life, noted that these fear levels are much higher than those seen in recent years. Company polling on money versus death concerns began in 2022, providing baseline data showing escalating financial anxieties among American workers and retirees across all demographic categories.

Research participants identified specific economic factors that drive their financial fears beyond general concerns about money. High inflation topped the list with 54 percent citing rising costs as the primary contributor to money-related anxiety. Social Security inadequacy and high taxes each garnered 43 percent of responses, highlighting widespread concerns about the safety of traditional retirement safety nets.

Boomers showed particular sensitivity to inflation effects, with 61 percent identifying rising costs as a major fear factor compared to 56 percent of millennials and 55 percent of Gen Xers. Such generational differences reflect varying exposure to economic pressures based on career stage and accumulated wealth.

Gen X Leads Financial Anxiety Rankings

Generation X emerged as the most financially fearful group, with 70 percent expressing greater concern about money depletion than death. Such heightened anxiety reflects the unique pressures faced by people aged 45-60 who approach retirement while supporting multiple generations simultaneously.

Tom Buckingham, Chief Growth Officer at Nassau Financial Group, explains that Gen X faces unprecedented retirement challenges compared to previous generations. Unlike their parents, who relied on guaranteed pension income and stable Social Security benefits, Gen X workers must create their retirement security through 401(k) accounts and personal savings, without guaranteed outcomes.

Mark Turner, retired financial professional and founder of GoldIRAGuide.com, describes Gen X as experiencing maximum financial pressure with minimal support systems. Current Gen X workers face college tuition expenses for children while simultaneously managing healthcare costs for aging parents, creating a financial sandwich effect unprecedented in previous generations.

Lifestyle differences between Gen X and Boomers contribute to elevated anxiety levels. While many Baby ​​Boomers were raised by Depression era parents who practiced extreme frugality, Gen X grew up during more prosperous times with higher spending expectations that became difficult to maintain during their retirement planning years.

Millennials Face Long-Term Uncertainty

Millennials showed 66 percent fear rates regarding financial depletion versus death, reflecting early-career anxiety about accumulating sufficient retirement savings. Despite having decades before retirement, younger workers express substantial concern about building wealth that is adequate for extended retirement periods, potentially lasting 30-40 years.

Student loan debt significantly impacts the retirement planning capacity of millennials, limiting available income for long-term savings while interest charges compound financial pressure. Turner notes that millennials often feel burdened by educational debt while facing housing costs and living expenses that consume their disposable income, leaving little for retirement contributions.

However, millennials possess a significant advantage due to the potential for time and compound interest. Buckingham emphasizes how decades of consistent investing can produce substantial wealth accumulation despite modest initial contributions. The mathematical power of compounding returns over 30-40-year periods creates opportunities for dramatic wealth building when started early.

Financial education becomes vital for millennials who must navigate retirement planning without traditional pension benefits. Understanding investment principles, tax-advantaged accounts, and long-term wealth-building strategies helps younger workers maximize their time advantage while building financial security.

Boomers Balance Existing Wealth With Inflation Fears

Baby Boomers demonstrated financial fear rates of 61 percent, lower than those of younger generations, but still representing the majority’s concern about money versus mortality. Many Baby Boomers have already retired or are approaching retirement with accumulated assets, yet worries about inflation create ongoing anxiety about preserving their purchasing power.

LaVigne explains that inflation poses particular challenges for retirees living on fixed incomes from savings, pensions, and Social Security benefits. Unlike working individuals who may receive salary increases to offset rising costs, retirees must fund expense increases from their existing wealth, which may not grow sufficiently to maintain their purchasing power.

Recent changes by the Social Security Administration under DOGE initiatives have increased Boomer anxiety about benefit stability and future payment reliability. While Social Security typically replaces only 40 percent of pre-retirement income, even partial benefit reductions can significantly impact a retiree’s financial security.

Thirty-nine percent of survey respondents envision scenarios where Social Security ceases to exist entirely, reflecting deep skepticism about the sustainability of the government program. Such concerns motivate people approaching or entering retirement years to increase their savings and plan for alternative retirement income.

Economic Pressures Drive Financial Anxiety

Beyond generational differences, specific economic factors contribute to widespread financial fears across all age groups. High inflation topped concern lists as rising costs erode purchasing power while wages often fail to keep pace with expense increases.

Day-to-day necessities consume 63 percent of potential retirement savings according to survey responses, making long-term financial planning difficult when immediate needs demand available resources. Credit card debt affects 40 percent of respondents, while housing costs, including those through mortgages or rent, impact 35 percent of potential savers.

Americans estimate needing $1.26 million for a comfortable retirement, according to Northwestern Mutual research, representing a decrease from the previous year but still vastly exceeding median retirement savings of $87,000 reported by Federal Reserve data. Such massive gaps between retirement needs and current savings create understandable anxiety about future financial security.

Only 23 percent of Americans discuss money-related fears with financial professionals, representing a decrease from 28 percent in 2024. Asian American respondents showed the highest professional consultation rates at 34 percent compared to white (22 percent), Black (28 percent), and Hispanic (25 percent) respondents.

My Personal RX on Strengthening Mental and Emotional Resilience

Fear is part of the human experience, whether it’s the fear of financial insecurity, illness, or even death. But how we respond to fear is what shapes our well-being. Resilience isn’t about never feeling afraid; it’s about building the internal resources to face life’s uncertainties with steadiness. The mind and body are interconnected, and by supporting both, we build a foundation that helps us thrive, even in the most challenging times.

1. Start with what you eat: Nourishing your body with anti-inflammatory, nutrient-rich foods helps balance mood and energy. Mindful Meals offers gut-friendly recipes that double as fuel for emotional stability.
   
2. Support your second brain: Your gut plays a huge role in emotional regulation. MindBiotic combines probiotics, prebiotics, and adaptogens to enhance the gut-brain axis and support your resilience from within.
   
3. Ground your fears through action: When you’re overwhelmed, small acts like organizing a space, preparing a healthy meal, or journaling can help restore a sense of control and calm.
   
4. Breathe with intention: Slow, deep breathing stimulates the parasympathetic nervous system, calming your stress response and creating space between stimulus and reaction.
   
5. Limit doomscrolling: Consuming negative news nonstop can feed anxiety. Set time boundaries and choose content that uplifts and educates instead of drains.
   
6. Focus on what you can control: In uncertain times, routines and mindful rituals, like regular meals, movement, and rest, anchor you in the present and reduce anxiety.
   
7. Practice self-compassion: Resilience isn’t about always being strong. Be gentle with yourself when you’re struggling. That softness can be a surprising source of strength.
   
8. Build a “resilience pantry”: Stock your kitchen not just for nutrition, but for emotional comfort—herbal teas, magnesium-rich snacks, and grounding, wholesome meals.
   
9. Move your body regularly: Even light movement, like stretching or walking, helps release emotional tension and improve mental clarity.
   
10. Connect meaningfully: Fear often isolates. Talking to a trusted friend or therapist—even briefly—can reframe your thoughts and remind you that you’re not alone.

Sources: 

1. Americans are more worried about running out of money than death | Allianz Life. (n.d.). Allianz Life. https://www.allianzlife.com/about/newsroom/2025-Press-Releases/Americans-Are-More-Worried-About-Running-Out-of-Money-Than-Death 
2. Zaleskiewicz, T., Gasiorowska, A., & Kesebir, P. (2013). Saving Can Save from Death Anxiety: Mortality Salience and Financial Decision-Making. PLoS ONE, 8(11), e79407. https://doi.org/10.1371/journal.pone.0079407 
3. Ryu, S., & Fan, L. (2022). The relationship between financial worries and psychological distress among U.S. adults. Journal of Family and Economic Issues, 44(1), 16–33. https://doi.org/10.1007/s10834-022-09820-9 
4. Pathak, M., Mitra, S., Pinnamraju, J., Findley, P. A., Wiener, R. C., Wang, H., Zhou, B., Shen, C., & Sambamoorthi, U. (2024). Stress Due to Inflation and Its Association with Anxiety and Depression Among Working-Age Adults in the United States. International Journal of Environmental Research and Public Health, 22(1), 26. https://doi.org/10.3390/ijerph22010026