Quicken, maker of America's best-selling personal finance software, today shared findings from a recent survey that paints a revealing portrait of how Americans prepare for the uncertainties of life. The survey highlights differences across how generations view life planning and the emotional impact it has on them.

In an era of economic volatility, Americans report clinging to financial fundamentals as part of their life planning strategy. Sixty-eight percent define life planning as keeping track of finances and creating a budget, while 61% emphasize building a financial safety net through emergency savings. The survey also reveals that 45% of Americans across generations purchased life insurance, making it the most common financial planning action taken based on external advice. However, a clear generational divide emerges when examining other preparation strategies:

• Will power: Boomers lead significantly in estate planning, with 67% having created or updated a will – nearly triple the rate of Gen Z (24%) and double that of millennials (34%).

• Paper trail: Boomers (47%) are more than twice as likely as younger generations to document the location of important papers and accounts, with Gen Z (19%), millennials (20%) and Gen X (27%) lagging behind.

• Digital documentation: While traditional paper documentation decreases among younger generations, millennials (32%) emerge as digital leaders, maintaining electronic copies of important documents at rates higher than boomers, Gen X, and Gen Z (all at 23%).

• Crisis ready: Millennials (30%) and Gen Z (27%) were both more than twice as likely as boomers (12%) to have created family emergency plans.

The emotional burden of life and financial planning 

Economic uncertainty drives financial anxiety for many Americans, with 42% pointing to broader economic conditions as their biggest concern. Inflation has hit particularly hard, with 38% citing it as having the most negative impact on their finances. Boomers (46%) report feeling most blindsided by inflation's impact compared to Gen X (35%), Gen Z (39%), and millennials (32%). Nearly half (47%) report that financial anxiety impairs their ability to make clear decisions about their future. This especially impacts younger generations, with 60% of Gen Z and 56% of millennials saying the stress clouds their decision-making, while only 18% of boomers report the same struggle.

The ripple effects of financial stress extend beyond balance sheets into the fabric of daily lives, with more than one-third of Americans (35%) reporting that planning for uncertainty creates so much anxiety that it robs them of present joy with loved ones. This emotional tax falls disproportionately on younger Americans—44% of millennials and 43% of Gen Z feel this strain, compared to just 11% of boomers, suggesting that financial anxiety is creating an invisible barrier to quality of life for younger generations. 

Income earnings widen the gap

Economic disparities create a stark preparedness divide: 57% of households earning $200-500k have updated wills—that's more than double the rate (23%) of those earning under $50k. This income gap extends to college savings, with 27% of households in the $150-200k range having established college funds for family members compared to just 2% of those earning under $50k. Digital organization follows a similar pattern, with 39% of high-income households maintaining organized digital records.

"Americans across all generations are feeling the weight of economic uncertainty, but in noticeably different ways," said Eric Dunn, CEO of Quicken. "While boomers feel blindsided by inflation, younger Americans struggle more with the emotional impact life planning has on them. At Quicken, we're focused on providing tools that bridge these generational approaches, helping all Americans prepare for life's uncertainties regardless of age."

To learn more about Quicken, visit https://www.quicken.com.