Financial Confidence Is on the Rise, But Financial Stress Still Looms

experian study - financial confidence on the rise

Financial Confidence on the Rise

A newly released personal finance study by Experian shows that people are feeling more optimistic about their financial futures, but their confidence is limited by concerns about funding their retirements and how much debt they are carrying. 

 Two thirds of respondents reported being behind on their retirement savings and more than half said they “don’t know” how much money they’ve saved for retirement. It’s hard to know if you are meeting retirement savings goals—or any financial goals for that matter—if you haven’t clearly identified them and developed a plan. Conversely, people are more likely to achieve success if they actually set goals for themselves.

Not only did respondents report feeling behind in saving for their retirement, 70 percent also believe their debt is keeping them from living life to the fullest and nearly a third strongly believed they will never pay off their debt.

It’s hard to enjoy life and live it to the fullest when feeling weighed down by debt and uncertainty about your financial future. It is possible to sensibly pay down debt while saving for retirement and investing in your future, but it takes a plan. If you’re not sure where to begin, a financial advisor can work with you to help you understand your full financial picture, your goals and priorities, and can help you develop a plan to achieve your goals. In fact, working with a financial advisor can actually increase your investment returns by three percent. One of the primary benefits of working with an advisor is the behavioral coaching they provide, which empowers people to be more disciplined and more likely to stay the course with their financial plan.

If you’re ready to take charge of your personal finances, our proposal request tool will help you find and compare qualified financial advisors. Get started today.