Americans’ Financial Confidence On Decline Since 2020, Allianz Life Study Finds

MINNEAPOLIS--(BUSINESS WIRE)--Americans' financial confidence has declined significantly in the last five years and many do not think they are saving enough for retirement, according to the 2025 Annual Retirement Study* from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America (Allianz Life).

In 2025, just 70% of Americans say they feel confident about their ability to financially support everything they want to do in life. This has decreased every year since 2020 when 83% said they felt confident. Fewer (61%) feel confident specifically about meeting their savings goal for retirement.

The top actions Americans think would help ensure they could financially support all the things they want to do are to set financial goals and develop plans to reach them (96%) and develop a long-term plan to determine how much money they will need and when (96%). Nearly half of Americans (47%) say they do not have any written financial plans.

“Lack of financial confidence often is because of a lack of planning,” says Kelly LaVigne, VP of consumer insights, Allianz Life. “To be able to feel confident about your ability to achieve long-term financial goals like retirement, you need to have a written strategy. It’s hard work to figure out the steps it will take to secure your retirement, but that’s where the guidance of a financial professional can help. Without a plan, you will never know if you are on track toward your dream retirement.”

Few Americans say they are saving enough in a retirement account (55%). This has decreased in all of the last five years. Millennials are least likely to say they are saving enough for retirement (48%), compared to Gen Xers (59%) and boomers (74%).

Recession fears increasing

At the same time, Americans are increasingly worried about a recession affecting how much they can save for retirement (30%, up from 25% in 2024) and taxes taking a big chunk out of their retirement funds (26%, up from 18% in 2024).

This worry could be driven by ongoing worries about a national or global financial crisis. Nearly two in three (62%) say they are concerned that another national or global financial crisis in the near future would derail their retirement strategy. Even so, just 46% say they have incorporated the potential implications of future national or global financial crises into their financial retirement plan.

“While risks to your retirement like a recession are out of your control, you can create a financial strategy that addresses how you will mitigate the risk in the future,” LaVigne says. “As you create that strategy, it’s critical to work with financial institutions that are also preparing for the long-term to bolster your confidence.”

* Allianz Center for the Future of Retirement conducted an online survey, the 2025 Annual Retirement Study in January/February 2025 with a nationally representative sample of 1,000 Respondents age 25+ in the contiguous U.S. with an annual household income of $50k+ (single) / $75k+ (married/partnered) OR investable assets of $150k+.

The Allianz Center for the Future for Retirement produces insights and research as a part of Allianz Life Insurance Company of North America.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2024, Allianz Life provided additional value to its policyholders via distributions of more than $18.6 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, offers a suite of exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 157,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.