Younger workers in the U.S. are feeling less confident about their financial security compared to those from older generations, according to a report by LIMRA.

The report found more millennials (55 per cent) and generation Z (44 per cent) workers were concerned about having enough money saved for a comfortable retirement, compared to generation X (50 per cent) and baby boomers (29 per cent).

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More than 30 per cent of gen Z and millennial respondents said their personal financial worries have been a distraction at work. And nearly seven in 10 young adults agreed their employer should provide services that address financial stress and roughly two-thirds (67 per cent) agreed their employers should offer employees financial education.

Additionally, more than a quarter of young people said they value professional advisors who take a holistic approach to their financial planning, addressing all areas of their financial situation. The report also noted financial professionals could leverage social media to promote financial literacy to a broader audience of young adults.

Indeed, among those who use social media for financial information, the top three social media sites that young adults use were Facebook (67 per cent for millennials and 54 per cent for gen Z workers), YouTube (68 per cent and 62 per cent, respectively,) and Instagram (54 per cent and 57 per cent, respectively).

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