Life hasn’t been easy on Gen Z and Millennials. They came of age during a financial crisis, then faced a global pandemic, and are now navigating a turbulent economy that shifts on an almost daily basis. But rather than backing down, many younger people are stepping up and taking control of their finances.
So says Catherine Collinson, founding CEO and president of the nonprofit Transamerica Institute and its Transamerica Center for Retirement Studies, who joined an esteemed panel at the 2025 Milken Institute Global Conference. The panel, “Addressing the Financial Headwinds Faced by Gen Z and Millennials,” explored how young people are managing their finances, and covered financial education, retirement planning and building savings.
Stepping up
Collinson outlined how research by the Transamerica Institute has found that Gen Z and Millennials are beginning to save earlier than previous generations, demonstrating grit in the face of uncertainty.
“For Gen Z and Millennials, and the younger generations which will follow, personal resilience is more important than ever before,” said Collinson.
One option available to younger people in the United States and Canada to increase their resilience is to purchase life insurance. As many people live for longer, life insurance enables the policyholder to build the policy’s cash value and then use that money, if needed, to help meet various financial needs throughout a multistage life.
Young people already appear to recognize the value of such products. A 2023 study, conducted jointly by nonprofit industry trade associations LIMRA and Life Happens, found that a high proportion of Gen Z adults (44%) and Millennials (50%) intended to purchase life insurance coverage.
Support to make good choices
Aegon’s businesses are working hard to increase access to life insurance, and to raise awareness about the need to save for retirement.
World Financial Group (WFG), Transamerica’s wholly owned distribution agency, for example, recently announced a strategic partnership with leading Canadian life insurer, Manulife, that will enable its independent agents to offer a wider range of life insurance products to traditionally underserved communities in Canada.
In the United States, Transamerica recently launched a contest to raise awareness among even younger people. The event paired 100 middle school children with an engaging financial education curriculum focused on essential saving habits. After diving into the basics of budgeting, students answered one big question: “What does ‘saving for a rainy day’ mean to you?” Five winners were then selected, and each awarded USD 1000 by Transamerica to begin their very own rainy-day fund.
Taking control
Young people in the UK are also taking a prudent approach to their finances. Research by Aegon UK found that, in the event of a surprise £5,000 bonus, 67% of Gen Z would prefer to save for the future or pay off debt than spend the money.
Steven Cameron, Pensions Director at Aegon, said: “You might have imagined that if presented with a surprise windfall of £5,000, many people would have been quick to ‘splash the cash’. Instead, we found a much greater likelihood that people would put this extra amount away in savings.”
Following a good example
Many older people in the UK wish they had taken a similar approach. A recent Financial Priorities survey by Aegon UK found that 48% of respondents would tell their younger selves to “start saving as early as possible”. This sentiment is even stronger among women and those over 50, with 51% of each group wishing they could stress the importance of saving early.
Dr. Tom Mathar, Head of Aegon UK’s Centre for Behavioral Research, commented: “Our findings highlight how difficult it is to balance present needs with future security. While financial education plays a crucial role, what may be even more important is longevity education: helping people to understand how their financial, health and lifestyle choices interact over a longer life. Different life stages bring different financial priorities, and a more holistic approach is needed to support people in making informed decisions.”
Recognizing this need, Aegon UK recently launched its Money: Mindshift campaign, which includes an educational hub designed to help individuals of all ages navigate the trade-offs between financial security now and in the future, and between living well today and preparing for a fulfilling later life.
Meeting customers where they are
Moving across the Atlantic Ocean, Aegon’s Brazilian partnership, MAG Seguros, is leaning into the fact that nearly half of its customers are Millennials and Gen Z. These younger customers want speed, simplicity, and customer experiences that feel personal. At the same time, a new wave of brokers – many of them Millennials and Gen Z themselves – are reshaping how insurance is sold in Brazil. These brokers are fluent in digital tools and social media, and they’re pushing for faster, more direct ways to connect with clients.
"To connect with younger generations, insurers need to rethink how they communicate and deliver value. This means meeting customers where they are: for example, on social media, with authentic and engaging content. Beyond communication, it's about making insurance feel less complex and more accessible. This includes offering intuitive, inclusive, and user-centric digital experiences," says Leonardo Lourenço, Marketing and Commercial Director at MAG Seguros.
Hope for the future
Young people are showing impressive determination in securing their financial futures, despite the obstacles they face. Their approach not only benefits their own future but also sets a good example for the generations to come. By taking account of their needs, insurers can play in bigger role in supporting younger people in building the foundations they need to live their best lives.