Younger Americans are more anxious than their older counterparts about their financial plans, despite having plenty of time to take action now, according to a study by LIMRA and Life Happens.

Millennials, or those under the age of 34, show the highest level of concern across all generations for common financial planning issues, including saving for retirement, paying for a child's education and burdening others with their final expenses, the 2014 Insurance Barometer Study found.

Slightly more than half of younger consumers say they are very or extremely concerned about having sufficient money for a comfortable retirement compared to just 46 percent of consumers between the ages of 35 and 54. Nearly one-third of millennials are concerned about paying for a child's schooling, compared with 20 percent of those ages 35 to 44 and 26 percent are worried about burdening others with their final expenses, compared with 19 percent of consumers 35 to 44 years old.