Millennial Financial Fears: Hopeful Strategies Amid Present Realities

As a millennial myself, I can testify that the idea of reading an article about my generations’ financial fears does not necessarily peak my positive interest. Whether you find yourself dealing with one or many of these fears, it can feel daunting. However, I implore you to stay engaged for the hopeful strategies after we highlight the present realities.

As Dr. Martin Luther King said, “If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but whatever you do you have to keep moving forward.” So long as we have choices, we can move forward despite resistance encountered along the way. But first, one must answer the question: what is the resistance?

Why Are Millennials So Worried About Money?

It is no secret that each generation faces its own specific challenges, and the fears that millennials currently face in this economic climate are certainly no exception to the rule. An Allianz annual retirement study revealed that 66% of millennials feared running out of money more than they feared death. In 2023, the American Psychological Association discovered that 18–34 and 35–44 year olds were more likely than those 65 and older to report they feel ‘consumed’ by their worries about money (67% and 63% vs. 13%, respectively).

Economic Realities Facing Millennials in 2025

For millennials, financial security seems like an elusive dream, and as costs continue to rise in housing, health care and insurance, the chase for that security can feel futile. “The middle class, unfortunately, is dead for millennials and Gen Zers. Or, best-case scenario, the goalpost has just moved and it’s still obtainable, but you have to make over six figures to have that middle-class life.” (Morabito) This is a staggering truth millennials are faced with in 2025, and one can certainly sympathize with their feelings of anxiety regarding their future when so many of these factors are out of their control. 

So, what can be done? How is a millennial to reach his or her full potential when it seems like the odds are insurmountable? With a strategic approach, there is hope.

Reframing Financial Struggles as Growth Opportunities

Instead of looking at present difficulties as destiny blockers, they could also be opportunities to become wiser and more resilient. In the world of psychology, there is a term used to describe the journey toward realizing one’s complete potential called self-actualization: “Modern psychology has transformed self-actualization from an elite achievement to an accessible path of continuous growth. This shift reflects a deeper understanding of human resilience and adaptability. We now recognize that people can pursue growth and meaning even while grappling with basic challenges—a reality that many throughout history have demonstrated.”

No matter how you define it for yourself, “financial success” may look different and be on a different timeline than previous generations or even certain peers, but the answer is not to “throw in the towel,” so to speak. Rather, the best plan is to do what you can and do it to the best of your ability. “Millennials have so much time, and they should make that work to their advantage.” (Higham, 2025)

Practical Financial Steps for Millennials to Get Ahead

Drew Overton, CERTIFIED FINANCIAL PLANNER^® here at Tull Financial Group, explains that simplifying your goals can lead to confidence and success: “Like most things in life, financial planning doesn’t have to be complicated. Focus on simple, repeatable actions and let time and compounding do the heavy lifting.”

He encourages millennials to begin with these practical steps:

• Build an emergency savings — even setting aside $50 a week adds up over time.
• Eliminate high-interest debt — especially credit cards, which can quickly erode your progress.
• Find ways to grow your income — whether through a side hustle, a professional certification, or additional education to boost your earning potential.

Kelly LaVigne, Vice President of Consumer Insights at Allianz Life Insurance Company of North America, stresses the importance of enlisting a financial professional to plan strategically.

 “At every life stage, you want to have a financial strategy that details your goals, steps to achieve them, and contingencies for risks to your long-term finances like inflation and market volatility… That way, you have a documented strategy to ease your worries when risks arise. A financial professional can help you create a written financial strategy.” (Higham, 2025)

Having a plan that has contingencies in place for when the unexpected happens in life will certainly help you sleep better at night. A trusted financial professional with a proven track record can help you put such a plan in place. Feel free to contact us for a free initial consultation.

There is a path forward for millennials. Hope is not lost. If you pursue simple steps to plan for your financial goals and dreams, you may find that hope will go beyond existing and actually abound for you and your family.