Gen X Leads Fear of Running Out of Money, Allianz Study Finds

A grey-haired woman reviews a notebook and household papers at a kitchen table.

Published October 19, 2026

At a glance

Allianz’s January 2026 survey found 67% of respondents feared running out of money more than death; Gen X reported the highest share at 73%.
The online survey covered 1,000 adults age 25-plus who met income or asset thresholds; it does not represent every household’s circumstances.
The findings measure reported fears and behaviour, not the probability of exhausting retirement savings.

Hero image: AI-generated conceptual illustration created with OpenAI for RestlessUrban. The person shown is not a study participant.

Running out of money weighs more heavily than death for many people surveyed in Allianz Life’s 2026 Annual Retirement Study, with Gen X reporting the greatest concern among the three generations compared.

The findings were released on April 23, 2026, following a January survey. They describe financial fears among an income- or asset-qualified sample, rather than the likelihood that respondents will exhaust their savings.

Gen X reports the greatest worry

Overall, 67% said they feared running out of money more than death, compared with 57% in 2022—a rise of 10 percentage points. The figure was 73% for Gen X, 69% for millennials and 59% for boomers.

Inflation and health care costs were prominent concerns. Allianz also reported anxiety following retirement-account losses and respondents’ tendency to check balances or withdraw investments after market declines.

Shares reporting greater fear of running out of money than death: Gen X 73%, millennials 69%, boomers 59%; 67% overall. — Graphic: RestlessUrban. Source: Allianz Life 2026 Annual Retirement Study, January 2026; 1,000 income- or asset-qualified US adults age 25-plus. Subgroup sample sizes unavailable. Reported fears, not predictions of financial failure. Select the graphic to view it full size.

What the findings can tell us

For readers approaching retirement, the distinction between fear and financial circumstances matters. An answer about worry does not establish how much someone has saved, what income they can expect or whether their money will last.

Nor does the survey establish that market movements or the absence of a written plan caused that fear. The results are self-reported attitudes and behaviour, rather than an audit of investment transactions or household finances.

Allianz’s release also includes figures about written financial plans. Those figures require clarification: its overall percentage and the generational breakdown are not readily reconcilable without more detail about the groups, questions or calculations. They have been left out of this report.

Who took part

Allianz’s methodology statement describes an online survey of 1,000 adults age 25 and older in the contiguous United States. Eligibility required annual household income of at least $50,000 for single respondents or $75,000 for married or partnered respondents, or investable assets of at least $150,000.

That restriction limits how broadly the findings can be applied, particularly to people with lower incomes and fewer assets. The public release does not provide generational sample sizes or a margin of error, so the differences should be read descriptively.

The research was conducted by the Allianz Center for the Future of Retirement, part of Allianz Life, which sells annuities and life insurance. Its findings offer a snapshot of retirement concerns; they do not establish which financial product or strategy would suit an individual.