Trendspotting: Millennials Are Writing Their Wills

NewsWire: 1/4/21

• Thanks to Covid-19, a growing number of Millennials are writing their wills. The anxiety of the pandemic has pushed a generation of planners to plan even more. (The Wall Street Journal)
• NH: According to a new survey by YouGov and Caring.com, Millennials are increasingly undertaking estate planning. In 2019, 18.0% of 18- to 34-year-olds had written a will. In 2021, that share rose +8.8 percentage points to 26.8%.
• So what’s motivating these Millennials? Covid-19. The study found that 45% of this age group was inspired by the pandemic to “engage in estate planning.” That’s more than any other generation. Only 35% of those ages 35-54 and 25% of those 55+ said the same thing. 

• This trend may seem surprising since the young have only a minimal threat of dying from Covid-19. This is yet another example of how diligently Millennials work to avoid risk. This generation similarly values employee benefits and life insurance. (See “Pandemic Breathes New Life Into Life Insurance.”)
• More specifically, we have written about how Millennials--despite their much lower Covid mortality rate--have favored stricter  government enforcement of such anti-pandemic policies as lockdowns and universal masking. (See "Mask Wearing By Demographic Groups" and "Millennials Widely Oppose Reopening Businesses During Pandemic.")