Americans are reporting concern about how financially protected their families are, according to a new survey of over 1,000 adults aged 30 and older conducted by Ipsos Public Affairs. The survey was released today and sponsored by New York Life Insurance Company.
Thinking about any savings accounts, emergency funds, or life insurance coverage they may have, the majority, 53%, report that they are financially under-protected, with one in five (19%) believing they are severely under-protected. Just 46% describe their family as being protected when it comes to their finances, the survey revealed.
"The survey reinforces what our agents are hearing in their communities: Significant numbers of Americans are concerned that their financial resources are not adequate to meet both the challenges of today's economy and their future obligations, whether that's paying for their children's educations or their own retirements," said Mark Pfaff, executive vice president in charge of U.S. Life Insurance & Agency, New York Life. "This is where knowledgeable advisors can make an enormous difference by helping people plan ahead."
Recommended For You
Some interesting findings from the survey include:
- Parents are less likely to feel that their family is protected than are adults without a child under 18 (36% vs. 51%).
- Older adults – those 60 and up – are much more likely than adults ages 30-59 to feel that their family if financially protected (63% vs. 39%).
- A large gap also emerges across income groups; those with a household income of $50,000 or more are more than twice as likely as those with a lower household income to feel that their family is protected financially (61% vs. 27%).
- Others who are most likely to feel financially protected include college graduates (60%) and retirees (63%).
"At this time of year many Americans are watching professional football and may be referring to the New York Life Protection Index, launched last year, to gauge their favorite team's ability to protect their quarterback – often a key driver in the team's ultimate success. At the same time, they may be asking themselves, how protected am I? Or how protected is my family? We are pleased to offer the Personal Protection Index, which will provide a good gauge of your own financial protection level," added Pfaff.
The New York Life "Personal Protection Index", www.newyorklife.com/PPI, launched this month, uses stated and industry-standard income replacement goals to estimate how much you might need for your retirement and survivors, as well as funds for unexpected needs.
Once you input your current age, income and resources, you receive a Personal Protection Index number, which indicates – on a scale of 0 to 100 percent, with 100 being very protected and 0 being severely under-protected – how your family currently stands.
"We hope Americans will use the Personal Protection Index to get a general idea of how well they are financially protecting themselves, their family and their loved ones. And just like a quarterback, when you're well protected, everyone on your 'team' has an opportunity to win," added Pfaff.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
