The trend: Only about a third of Gen Zers and millennials say they’re in good financial health—and roughly the same share say they’re good at setting up and following long-term financial plans, per a new study by Guardian Life. 

Additionally, fewer Gen Zers (35%) than US adults overall (40%) work with financial professionals, according to the same study. Instead they turn to social media and influencers for financial advice more than any other generation according to an H&R Block survey—leaving them exposed to misinformation.

The opportunity: Younger consumers’ lack of confidence and limited use of professional guidance creates an opening. Insurers can position guaranteed savings and lower-risk wealth-building products as options to ease financial anxiety and support long-term planning. Such products include:

• ​​Whole life insurance which offers steady cash value growth and loan access 
• Indexed universal life which ties growth to market indexes with downside protection

Next steps: To resonate with millennials and Gen Zers, insurers should position these products as goal-oriented tools for milestones like saving for a home or building long-term security. Clear communication on costs is critical, as is showing the financial advantage of buying now versus later.