Caring.com’s New Study Shows 45 Percent of Young Adults More Likely to Consider Estate Planning Due to COVID-19
The 2021 Wills and Estate Planning Study reveals a higher percentage of Americans have the desire to get a will. Adults under 35 years old are more likely to have one than middle-aged adults.
Charlotte, NC; Feb. 23, 2021: Caring.com, a leading senior living referral service and the nation’s top site for senior care reviews, has published a comprehensive report from its annual Wills and Estate Planning Study. The 2021 study highlights the pandemic’s impact on estate planning and the shift in attitudes among specific groups. The survey generated responses from 2,500 Americans, and is a continuing effort to foster awareness and understanding about the estate planning process.
Based on results from 2020, the number of young adults with a will increased by 63 percent this year. For the first time, adults under 35 years old are more likely to have a will than those ages 35-54. About half of all younger adults surveyed also reported that COVID-19 prompted their interest in estate planning. Despite the growing interest among younger adults, most Americans still fail to take any action beyond talking to loved ones about estate planning, with 67% overall not yet having a will.
Most respondents cite procrastination as the main reason for not having a will, while the number of Americans that express a lack of understanding has increased by 90 percent since 2017. The survey also indicates a significant increase among Hispanic and Black Americans with a will. The number of Hispanics with a will has increased by 12 percent and by 6.2 percent among Blacks, since the 2020 report.
“In comparison to previous years, the 2021 study indicates that Americans see a greater need for estate planning due to the pandemic,” says Caring.com CEO, Jim Rosenthal. “Unfortunately, many people haven’t begun the estate planning process – even with the increased availability of remote and online services.”
Income level is also a crucial factor among people who engage in estate planning. Survey respondents making under $40K a year were less likely to have a will. The percentage of Americans with a will and annual income of $40K – $80K increased from 33 percent to 39 percent in one year.
Caring.com has conducted its Wills and Estate Planning Study since 2015 to raise awareness of the importance of estate planning, especially among people that may not feel that they have the resources or tools needed to create a will or living trust. To demystify estate planning and help people better understand the process, Caring.com partnered with YouGov to survey over two thousand Americans and evaluate findings. For full survey results, infographics, and estate planning basics, please visit https://www.caring.com/caregivers/estate-planning/wills-survey.