For four in five Americans, inflation is making it harder to achieve life goals

The rising cost of living isn't just weighing heavy on Americans' day-to-day spending and monthly budgeting; it's also spurring doubts about their ability to achieve their goals in life.

That's one of the highlights from a new report by Trust & Will, an estate planning tech platform provider, which took a deep dive into different trends and attitudes shaping Americans' long-term financial planning.

According to Trust & Will's 2025 Estate Planning Report, 78 percent of survey respondents agree inflation has made it somewhat or much harder to achieve their life goals.

Those concerns extended beyond personal wealth, as individuals worried about the financial burdens they may leave behind for their families. Along similar lines, virtually half of Americans (49 percent) said they are more concerned about their financial future now than they were a year ago.

When asked about their biggest fears regarding what happens after they die, one-third of respondents (32 percent) said they were worried about leaving legal or financial burdens for their families. Nearly 29 percent were concerned about not leaving enough behind, while 19 percent feared rising costs in areas like housing and healthcare would make it harder for their families to afford the future.

Family disputes over inheritance were also a key concern, cited by 14 percent of those surveyed. Meanwhile, 12 percent worry that their legacy will be forgotten.

The data also showed exposed new generation gaps, with younger respondents – 30 percent of Gen Z and 27 percent of millennials – more likely to lament unfulfilled dreams and missed experiences. By contrast, members of the Silent Generation were 42 percent more likely than average to worry about geopolitical instability and its potential impact on their family’s safety.

When looking at financial concerns by income, the report found lower-income individuals –  those earning less than $25,000 – were 39 percent more likely than average to say they have no concerns about estate planning. This may reflect the fact they have assets to plan for, reducing the complexity of financial decision-making.

Meanwhile, respondents with assets between $500,000 and $999,000 were 36 percent more likely than average to worry about family drama over inheritance, indicating that as wealth increases, estate planning concerns shift toward managing legal complexities and ensuring a smooth transfer of assets.

The report also challenges traditional assumptions about financial security. While financial concern decreased as income rose through the middle-income brackets, it spiked unexpectedly at higher wealth levels.

Among those earning less than $25,000, 53 percent said they are more financially concerned than last year. That number dropped to 32 percent for those earning between $250,000 and $499,000. However, at the $500,000–$999,000 level, concern surged to hit 71 percent. Even among those with $1 million-plus incomes, 47 percent reported rising financial anxiety.

The report suggested that financial concern is not just about income but also about how exposed someone is to economic turbulence. While higher earners had more assets, they might have higher investment exposure, which makes them more vulnerable to market downturns and volatility.