U.S. Financial Confidence Continues to Drop: New Data from the Mutual of Omaha Protection Index Report Underscores Taking Timely Action to Proof the Futures of Americans

Only about 1 in 4 Americans say they feel financially protected today but Gen Z is bucking the trend with a surprisingly hopeful outlook. 

OMAHA, Neb. – With the goal to empower Americans to protect what matters the most and achieve their financial goals, Mutual of Omaha reveals the findings from its Protection Index Report, to mark National Financial Awareness Day today. The proprietary research study*, which highlights a critical need to address both short-term concerns and long-term financial confidence, reinforces Mutual of Omaha’s commitment to clear, approachable advice that helps Americans better understand and protect their financial well-being. 

“We know financial planning can get overwhelming, especially when we try to juggle today’s priorities with tomorrow’s goals,” said Jennifer Wulf, Vice President, Consumer Insights and Marketing Strategy for Mutual of Omaha. “That belief is at the core of the Protection Index Report. We want to understand the minds of today’s American consumer, to meet them where they are and deliver advice and solutions that address their needs.”  

Most Americans Say They are Not Ready for the Future  

Despite some generational optimism about the future, overall confidence in financial protection is declining, particularly among the most vulnerable: 

• Only 23% of Americans currently feel financially protected, down from 24% in 2023.
• 17% feel their protection is threatened, up from 13% just two years ago.
• Many respondents cite difficulty saving, lack of clear strategies, and rising costs as obstacles.  

Gen Z Feels Good About the Future, Boomers are More Hesitant 

• Among the generations, 87% of consumers overall, and 92% of Boomers, say they feel a responsibility to protect their family’s financial future. Particularly, consumers cited life insurance, burial policies and savings for their children as the top protection priorities. 
• Gen Z, the second youngest generation born between 1996-2010, is at the very beginning of their careers and early stages of adulthood. Despite low current confidence likely due to this, the study found that Gen Zers expressed the highest optimism about being financially prepared in 10 years.
• Gen Z is also significantly more likely to say they haven’t even started thinking about their financial future, despite feeling more confident compared to other generations when asked about their retirement savings and future.
• Millennials and Gen X fall between, with younger Millennials often struggling with debt and older Gen Xers beginning to prioritize retirement. 

“We found that Gen Z’s optimism stands in stark contrast to other generations. While we can speculate whether it’s the promise of long careers ahead of them or the anticipation of the Great Wealth Transfer, one thing is certain, their confidence is real. And, that’s encouraging,” said Nate Hobson, Mutual of Omaha National Advisor Sales Director. “For generations, Mutual of Omaha has been a trusted partner for every stage of life. While we remain committed to helping all generations protect their finances, we have an exciting opportunity to help Gen Z turn their optimism into action.”  

The Gap Between Hope and Belief Is Wide 

• 60% of respondents want to believe they’d avoid financial crisis if seriously ill or injured, but only 49% believe that’s true.
• The gap is especially wide among women and lower-income respondents, both of whom report lower belief in crisis readiness.
• Respondents named inflation, medical costs, and the high cost of insurance as key obstacles. 

As a Millennial woman herself, Sarah Whitmore, Mutual of Omaha Financial Advisor added, “Financial protection is more than the product offerings, it’s about confidence. Whether Gen Z or a Boomer, our goal is to support all Americans, including women who are more likely to express concerns about debt, savings, and future security, by arming them with the right advice and resources to feel protected.”  

Turn Concern into Confidence with Manageable Steps 

Mutual of Omaha’s team of experts is helping Americans move from awareness to action by offering clear, practical steps to build long term financial confidence.  

• Clarify your personal financial goals, challenges, and priorities. Think about both your immediate needs and long-term aspirations.
• Connect with a trusted financial advisor or planning professional to explore options that fit your situation.
• Build a simple monthly budget to track your income, spending and savings, and adjust it as your life evolves.
• Start an emergency fund to cover unexpected expenses and create a cushion of financial security.
• Review your current protection tools including life insurance, disability coverage and long-term care planning to make sure they align with your family’s needs and life stage. 

 To read the full report and access resources and expert guidance, visit MutualProtectionIndex.com. 

*About this survey: For this publication, Mutual of Omaha partnered with research vendor, quantilope to conduct The Protection Index survey. This research had a sample size of 400 respondents aged 18-77. Research was conducted in a 10-minute online survey from May 15-19, 2025. All data included in this report are based on Mutual of Omaha proprietary research unless otherwise noted. 

About Mutual of Omaha
Founded in 1909, Mutual of Omaha is a highly rated, Fortune 500 organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. Our mission is to help our customers protect what they care about and achieve their financial goals. As a mutual company, we are owned by our policyholders and operate in their best interests. For more information, visit mutualofomaha.com.