Quicken Survey Reveals How Natural Disasters, Medical Costs, Job Loss, and Insurance Gaps Impact Personal Finances

While Americans are confident in their ability to handle regular financial obligations, unexpected expenses reveal gaps in long-term preparedness

MENLO PARK, Calif., June 24, 2025 /PRNewswire/ -- Quicken, maker of America's best-selling personal finance software, today shared additional findings from its recent survey exploring how life's uncertainties affect Americans' finances. The survey revealed that while the majority of Americans feel confident in their ability to navigate routine financial commitments, significant hurdles emerge when navigating unexpected expenses stemming from natural disasters, medical emergencies, layoffs, and insurance coverage limitations.

Long-term health care costs will catch many Americans off guard

While 88% of Americans feel prepared for routine medical expenses, 27% admit financial unpreparedness for long-term health conditions and 61% view emergency savings as critical in paying unexpected medical bills. Additionally, 25% report experiencing insurance coverage denials, highlighting existing roadblocks as proposed changes to Medicaid threaten to further complicate health insurance for millions of Americans.

Insurance claim filing tops financial struggles following natural disasters

Natural disasters represent a significant and growing threat to American personal finances. Data from the National Centers for Environmental Information revealed that the U.S. experienced more than two dozen natural disasters in 2024, with losses exceeding $1 billion each.

Fifty-one percent of Americans cite insurance claim filing as their greatest post-disaster hurdle, while 41% report difficulty understanding the full scope of unexpected costs they may face following a natural disaster. When viewing the data across age groups, the survey revealed that 33% of Gen Z and 30% of Millennials report natural disasters as the biggest financial surprise that has impacted their personal finances, compared to just 14% of Boomers.

Emergency savings and strong lines of credit are essential following job loss

As layoffs continue to loom across various industries, 57% report reliance on emergency savings when facing job termination and 30% use credit cards to cover expenses during unemployment. However, younger generations show higher levels of preparedness, with 70% of millennials and 62% of Gen Z feeling ready to navigate a layoff, compared to Boomers at 30%.

"Our survey revealed a complex preparedness landscape where Americans display confidence in managing routine expenses but face significant vulnerabilities when confronted with life's bigger financial challenges," said Eric Dunn, CEO of Quicken. "These findings underscore the importance of long-term planning to ensure Americans are not only prepared for everyday needs, but can navigate unexpected events that have the potential to derail financial plans, security, and overall wellness."

To learn more about Quicken, visit https://www.quicken.com.

Methodology
Quicken conducted this research using an online survey distributed by PureSpectrum among n=1,000 adults (age 18+) in the United States. The sample was equally split between gender, with a spread of age groups, household income, and geographies represented. Data was collected from February 24, 2025, to March 10, 2025.

About Quicken
Quicken is the best-selling personal finance software in the U.S. For over 40 years, more than 20 million customers have relied on Quicken to help them lead healthier financial lives. Featured on CNBC's World's Top Fintech Companies 2024 list, Quicken offers a suite of personal finance and life management software and apps, including Quicken Simplifi (recognized as the Editors' Choice by PCMag), Quicken Business & Personal, Quicken Classic Premier, Quicken Classic Deluxe, Quicken Classic Business & Personal, and Quicken LifeHub.

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SOURCE Quicken