To view the multimedia assets associated with this release, please click: http://www.multivu.com/mnr/54347-genworth-lesson-learned-parents-good-example-key-to-financial-preparedness
The first results of the Psychology of
Surprisingly, younger Americans are taking steps early on to plan for their financial futures and are just as likely as other age groups to have a financial plan. Sixty-one percent of respondents ages 25 to 39 have a financial plan, compared with 61 percent of respondents age 40 to 50 and the 63 percent of respondents over the age of 60 with a plan. The finding is particularly insightful given the economic turmoil of the past several years, from the Great Recession to the Fiscal Cliff, indicating younger people have taken heed.
"Since younger adults are characterized as living in the here and now, it might seem surprising that they are putting so much emphasis on long-term financial planning. However, their current generation's foundational years are occurring in a period of economic hardship and decline which is shifting this paradigm," said Dr.
Parental Examples: The Apple Doesn't Fall Far From the Tree
When explaining why people do and don't plan for their financial future, Dr. Nusbaum said an important factor is that we learn our financial feelings, attitudes and behaviors from our parents both through indirect teaching and observation. The data confirms Dr. Nusbaum's psychological assessment with more than six in ten (61 percent) respondents who believe that their parents set a good example for them in terms of financial planning. Respondents with good examples were more likely to have a financial plan and be confident in their financial future:
Had parents that set good financial examples
Didn't have parents that set good financial examples
Have a financial plan
Feel confident in their financial future
Fear not having enough money to live comfortably in retirement
Adds Olympic Gold Medalist and national
"My parents did not have much money," she said. "In fact, my mom and dad raised seven kids on
While we internalize good and poor financial habits from our parents, Dr. Nusbaum points out that even without parents who set good financial examples, people can take it upon themselves to learn better financial habits and develop a plan for their future. Dr. Nusbaum suggests the following tips to help consumers get back on track at any age: http://www.multivu.com/assets/54347/documents/54347-Financial-Planning-Tips-1.28.13-original.pdf.
Consumers can access the following survey to see how their financial planning habits and confidence compare with others: http://www.surveygizmo.com/s3/1136328/Financial-Planning-Survey
About the Study
Additional information about the survey, video content, tips and advice for consumers, which can also be used by financial advisors to leverage with clients, is available via our multimedia news release http://www.multivu.com/mnr/54347-genworth-lesson-learned-parents-good-example-key-to-financial-preparedness.
|Source:||PR Newswire Association LLC|