Quicken Survey Unveils How Disasters and Emergencies Affect Finances

Understanding the Financial Landscape Post-Crisis

In an ambitious survey conducted by Quicken, the widely recognized personal finance software provider, new insights have emerged about how natural disasters, unexpected medical costs, job loss, and insurance gaps significantly affect Americans' financial stability. Conducted among 1,000 adults in the U.S., the survey reveals a landscape of confidence in handling routine expenses but significant vulnerabilities concerning unforeseen financial burdens.

Confidence vs. Reality

Though 88% of respondents expressed feeling prepared for regular medical expenses, the reality is that 27% report being financially unprepared for long-term health care needs. Many view emergency savings as vital for managing unexpected medical bills, highlighting a critical dependence on these funds. The survey also uncovered that 25% faced insurance claim denials, a factor that complicates matters further, especially as ongoing changes to Medicaid threaten more significant coverage gaps.

Natural Disasters: A Rising Concern

Natural disasters are becoming an increasingly pressing issue for many Americans. In 2024 alone, the U.S. experienced over two dozen such events, each costing over $1 billion. When asked about the financial hurdles they faced, 51% of respondents pointed to difficulties in filing insurance claims after disasters. Additionally, 41% experienced a lack of clarity regarding unexpected costs following these events. This issue resonates more with younger generations; 33% of Gen Z and 30% of Millennials cited natural disasters as the most substantial surprise affecting their finances, contrasted with just 14% of Baby Boomers.

Job Loss and Financial Preparedness

The looming risk of job loss remains an ongoing concern, especially in volatile job markets. The survey found that 57% of Americans rely on emergency savings to navigate unemployment, while 30% resort to credit cards to cover daily expenses during these times. Interestingly, a generational divide appears regarding preparedness; 70% of Millennials and 62% of Gen Z feel ready to face a layoff, compared to only 30% of Boomers who share this sentiment.

The Path Forward

Eric Dunn, Quicken's CEO, emphasized the duality of American financial confidence and fragility. “Our survey demonstrates that while individuals are adept at managing everyday expenses, they encounter significant challenges when facing larger financial obstacles,” he noted. This emphasizes the critical need for comprehensive long-term financial planning, ensuring readiness not just for regular expenses but for life’s unpredictable events that can derail financial security and overall well-being.

Methodology

The research was conducted online by PureSpectrum between February 24 and March 10, 2025, with a carefully curated sample from diverse demographics, ensuring a balanced representation across gender, age groups, and household income.

About Quicken

Quicken has been a leader in personal finance software for over 40 years, with a customer base exceeding 20 million. Recognized for quality and innovation, Quicken offers a comprehensive suite of financial management tools, including the award-winning Quicken Simplifi, favored by users for its streamlined approach to budgeting and financial planning.

For further details on Quicken and their services, please visit Quicken's website.