Money is one of the most worried-about things, especially with squeezed household finances, and the dream for most people is to be financially free. But most Americans are not achieving it.
Just 1 in 10 respondents to a new survey said that they are living financially free as they see it. And that doesn’t mean ‘being rich’ with just 12% stating that as their definition of financial freedom.
"We're seeing far fewer Americans with the goal of becoming 'rich' and many families pivoting to just trying to be able to pay their bills on time. With all of the economic pressures facing American families, financial freedom is currently more about making ends meet," said Brad Stroh, co-founder and co-CEO of Achieve, the firm that carried out the study. "Reaching financial stability is particularly challenging for consumers living with debt."
Being debt free is the top priority across all age groups (54% overall), but other commonly cited definitions of being financially free among respondents are:
Baby boomers (14.8%) are the generation most likely to be living their definition of financial freedom, compared to Gen X (8.3%), millennials (9.3%), and Gen Z 12.3%.
However, 48% of poll participants said they are not even close to achieving their flavor of financial freedom with 40% not even having a basic savings account and 36% of those who do having less than $1,000 saved.
Only 33% of respondents reported having an IRA or 401(k) retirement account and just 41% said that they are very confident they will be financially secure once they retire including 34% of Boomers and 35% of Gen Xers.
Overall, more people are optimistic that their journey to financial freedom is improving (52%) compared to those who say it’s getting worse (37%)
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.
