Americans Planning to Live More Adventurously with 30 Extra Years of Life
Research from Allianz Life shows that Americans will live 30 years longer than people did a century ago, and many Americans are planning on enjoying some adventure with that extra time.
The Gift of Time, which surveyed more than 3,000 adults between the ages of 20 and 70, found over half of the respondents said they would enjoy traveling extensively. Many would also like to live in a different city, state or country (41% of Millennials, 27% of Boomers, 35% of GenXers), pursue a dream (36% of Millennials, 21% of Boomers, 30% of GenXers) and take more risks (29% of Millennials, 19% of Boomers, 23% of GenXers).
Of the three generations studied, Millennials were the most optimistic and adventurous–followed closely by GenXers. 69% of Millennials and 68% of GenXers want to “explore, experiment and travel” before retirement (compared to 58% of Boomers).
Nearly two in five Millennials (38%) say they wish they had taken more chances and done what they really wanted to do. As a result, this group plans to experiment more in the future with 23% volunteering actively (versus 20% of Boomers and 15% of GenXers), 20% pursuing creative careers (versus 14% of Boomers and 16% of GenXers) and 18% working fewer hours but retiring later (versus 15% of Boomers and GenXers).
“It’s encouraging to see so much optimism and non-traditional thinking from millennials about the possibilities afforded by increased longevity,” said Allianz Life Vice President of Consumer Insights Katie Libbe. “Their generation has the best opportunity to make life changes and adjust the way we all think about the current path to retirement. However, in order to make these shifts, Millennials need much better discipline in both their spending habits today and savings behavior for tomorrow.”