There’s no sugar-coating it: Many Americans are not feeling good about their financial future.
That notion was affirmed in a newly released survey by Allianz Life Insurance Company of North America. In an online survey of 1,005 participants from around the United States, just about half (51%) said they have either stopped or pared back their retirement savings over the past six months “due to the current economic environment,” according to Allianz Life.
The survey, released Tuesday but conducted in November, also found that 47% of respondents had dipped into their retirement accounts for the same reason.
Perhaps unsurprisingly, the survey found clear generational differences in retirement planning, with 62% of both Gen Z and millennial respondents saying they’ve stopped or cut down saving. Just 36% of baby boomer respondents said they’ve made similar moves.
Some respondents said they’re eschewing other financial goals over fears about health care costs. The survey showed that 59% of respondents are “prioritizing saving for health care expenses over other financial goals due to anticipated premium hikes,” according to Allianz Life.
Whether Americans are choosing not to invest in their retirement plans due to economic hardship or simply because they misunderstand how long retirement will last, the findings are likely to hold significance for finance teams managing benefit programs.
At the same time, Allianz Life’s survey showed a notable uptick in pessimism about the economy at large. In the November survey, 45% of respondents said they anticipate the economy will improve in 2026. Allianz Life officials said that marks a “lower level of optimism than in the last five years.” For what it’s worth, at the start of 2025, 59% of respondents said they expected economic conditions to improve.
And for the majority of respondents, historic stock market performance isn’t translating to better personal finances. About two-thirds of respondents (68%) said their “personal financial situation does not reflect this economic prosperity,” according to Allianz Life. Linking stock market performance with consumer economic sentiment is, of course, a long-running American tradition, a notion adopted by both current and former presidential administrations. Yet the most recent U.S. jobs report and the Allianz survey serve as a reminder that the stock market isn’t always a clear reflection of the economy at large.
Mirroring other recent findings by the New York Federal Reserve Bank, the Allianz survey also uncovered concerns about the job market. Nearly half of respondents (44%) said they’re concerned they could be laid off due to an “economic downturn in 2026,” Allianz Life said. More than half of respondents (57%) said they’re worried a “major recession is right around the corner.”
