Amid the great wealth transfer, Millennials’ and Gen Z’s financial health slips
New York, N.Y.—Sept. 10, 2025—Amid the great wealth transfer, The Guardian Life Insurance Company of America® (Guardian) has found that those who are expected to inherit the most are among the least prepared. Per the report, just 29% of Gen Z and 31% of Millennials say they have good financial health.
Download the full Money Moves: Preparing for The Great Wealth Transfer report here: www.guardianlife.com/reports/money-moves.
Key findings from Guardian’s Money Moves report
Less than a third of Gen Z (29%) and Millennials (32%) say they are good at setting up a long-term financial plan and sticking to it. This presents unique challenges for retirement planning, which the study shows is a top concern for Americans across generations.
Despite feeling unprepared, many future wealth recipients still do not seek professional financial planning guidance. In fact, just four in 10 Americans work with a financial professional. Among Gen Z, that number drops to 35%.
"As Millennials and Gen Z amass wealth, their path ahead is uncharted. Whether using funds to start their own business, buy property, support philanthropic causes, or prepare for a meaningful retirement, a financial professional can provide holistic strategies to best manage, grow, and protect their wealth,” said Mike Perry, Head of Client Solutions and Wealth Management at Guardian. “It's a unique moment for the financial professional industry to build lasting relationships with the next generation of wealth recipients and secure their legacy.”
Other takeaways from the Money Moves report include:
Financial confidence by income
Though high-net-worth individuals have more financial confidence, there are still areas for improvement.
Only 50% of high-net-worth individuals say they don’t panic when their investments hit a bad patch.
Close to half (47%) of high-net-worth individuals do not work with a financial professional.
Financial confidence by generation
While most pronounced in younger generations, poor financial health persists across generations.
In addition to Gen Z and Millennials, only 27% of Gen X and 36% of Baby Boomers say they have good financial health.
Financial confidence by gender
Women, another cohort set to inherit a significant amount of wealth, face similar challenges.
Just 28% say they are good at setting up a long-term financial plan and sticking to it.
Only 49% say they are saving enough to maintain their lifestyle in retirement (vs. 62% of men).
Only 33% of men and 26% of women say they have good financial health.
A copy of the full Money Moves: Preparing for The Great Wealth Transfer report is available here: www.guardianlife.com/reports/money-moves.
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About Guardian
Guardian makes a difference in the lives of people when they need us most. With 165 years of stability and fiscal integrity, we are a trusted resource to generations of families and business owners, inspiring well-being and helping build financial confidence. Today, we stand behind millions of consumers, helping them prepare and plan for a bright future for themselves and their families. We help business owners care for their employees. And we help people recover and thrive in times of unexpected loss. As a modern mutual insurance company, we believe in driving value beyond dividends. We invest in our colleagues, are building an inclusive and innovative culture, and are helping to uplift communities through thoughtful corporate impact programs. Guardian, which is based in New York City, is a leading provider of life, disability, dental, and other benefits, and has received accolades for its culture and service. Our colleagues and financial professionals serve with care and experience, and our commitments rest on a strong financial foundation, which included a 2025 dividend allocation of $1.6 billion – the largest in the company's history. For more information, visit guardianlife.com or follow us on Facebook, LinkedIn, and YouTube.