Financial security emerged as the most important attribute of a positive outlook on life, according to new research released today by Northwestern Mutual. An overwhelming 9 in 10 Americans (87%) agree that nothing makes them happier or more confident than feeling like their finances are in order.
“The formula is simple,” said Rebekah Barsch, vice president of planning at Northwestern Mutual. “Financial security creates options, and options empower people to curate the life they want — both in the present and the future.”
These are the latest findings from the 2018 Planning & Progress Study, an annual research project commissioned by Northwestern Mutual that explores Americans’ attitudes and behaviors toward money, financial decision making, and the broader landscape issues impacting people’s long-term financial security. The first set of data around retirement savings was released in May.
While nearly seven in 10 Americans (68%) said they feel happy about their financial situation at least sometimes, a good portion also consistently experience a range of negative emotions such as:
- Anxiety (54%) (25% “all the time” or “often”)
- Insecurity (52%) (24% “all the time” or “often”)
- Fear (48%)
Money also emerged as the dominant source of stress (44%), dramatically outpacing personal relationships (25%) and work (18%). This is not surprising, considering that the following are just some of the financial pressures causing at least four in 10 Americans to experience “high” or “moderate” levels of anxiety:
- Rising cost of healthcare: 59%
- Unplanned financial emergency: 55%
- Unplanned health emergency: 53%
- Income: 48%
- Level of savings: 48%
- Debt: 42%
- Planning for retirement: 41% — up from 37% in 2017
Read more at PRNewswire.