Americans Say Financial Goals are Difficult to Achieve in Today’s World

Economic factors including inflation, rising interest rates, global turmoil are impacting Americans’ plans to buy a home, pay off debt and save for retirement

Economic factors are impacting Americans’ financial goals. In a survey fielded by Ipsos, the world’s third largest Insights and Analytics Company, for COUNTRY Financial in March of 2022, Americans stated many important life goals are becoming difficult to achieve in today’s world. About 71% of Americans said buying a home is a difficult goal to reach. This response was highest among 25-34 year-olds (79%), which is arguably a prime house-buying age group. 

The second-most difficult financial goal to achieve is paying off all debt (61%). An equal number, about three in five, say it’s difficult to save for retirement, and three in ten 25 – 49 year-olds say it is very difficult to save for retirement (28%). 

Other financial goals Americans feel are difficult to achieve in today’s world include: 

  • Starting/raising a family (54%)
  • Buying a car (53%)
  • Traveling/taking big trips (50%) 
  • Investing in the stock market (38%)

Chelsie Moore, CFP®, CFA, Director, Wealth Management and Financial Planning at COUNTRY Financial, says: “Many factors are impacting Americans’ financial goals. Inflation and rising interest rates are having short-term impacts. However, wages are rising and household finances are in a better position now than they were in 2019.”

Moore encourages Americans to continue taking steps to achieve their financial goals, even in today’s turbulent times. “The first step is to have a plan. Work with a trusted financial professional to create a long-term plan that can sustain market volatility. Next, continue to work with that financial professional to adjust as necessary. This may mean saving more, retiring later, or changing your asset allocation or risk tolerance.” 

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MEDIA CONTACT:

Carrie Skogsberg, COUNTRY Financial

Carrie.skogsberg@countryfinancial.com 

April 1, 2022

Americans Say Financial Goals are Difficult to Achieve in Today’s World

Economic factors including inflation, rising interest rates, global turmoil are impacting Americans’ plans to buy a home, pay off debt and save for retirement

Economic factors are impacting Americans’ financial goals. In a survey fielded by Ipsos, the world’s third largest Insights and Analytics Company, for COUNTRY Financial in March of 2022, Americans stated many important life goals are becoming difficult to achieve in today’s world. About 71% of Americans said buying a home is a difficult goal to reach. This response was highest among 25-34 year-olds (79%), which is arguably a prime house-buying age group.

The second-most difficult financial goal to achieve is paying off all debt (61%). An equal number, about three in five, say it’s difficult to save for retirement, and three in ten 25 – 49 year-olds say it is very difficult to save for retirement (28%).

Other financial goals Americans feel are difficult to achieve in today’s world include:

  • Starting/raising a family (54%)
  • Buying a car (53%)
  • Traveling/taking big trips (50%)
  • Investing in the stock market (38%)

Chelsie Moore, CFP®, CFA, Director, Wealth Management and Financial Planning at COUNTRY Financial, says: “Many factors are impacting Americans’ financial goals. Inflation and rising interest rates are having short-term impacts. However, wages are rising and household finances are in a better position now than they were in 2019.”

Moore encourages Americans to continue taking steps to achieve their financial goals, even in today’s turbulent times. “The first step is to have a plan. Work with a trusted financial professional to create a long-term plan that can sustain market volatility. Next, continue to work with that financial professional to adjust as necessary. This may mean saving more, retiring later, or changing your asset allocation or risk tolerance.”

 

Media contact

news@countryfinancial.com

COUNTRY Financial® is the marketing name for the COUNTRY Financial family of affiliated companies (collectively, COUNTRY), which include COUNTRY Life Insurance Company®, COUNTRY Mutual Insurance Company®, and their respective subsidiaries, located in Bloomington, Illinois.

About the COUNTRY Financial Security Index®  

Since 2007, the COUNTRY Financial Security Index has measured Americans' sentiments of their personal financial security. The Index also delves deeper into individual personal finance topics to better inform Americans about the issues impacting their finances.  

The COUNTRY Financial Security Index was created by COUNTRY Financial and is compiled by Ipsos an independent research firm. Surveys were conducted using Ipsos' KnowledgePanel®, a national, probability-based panel designed to be representative of the general population and includes responses from approximately 1,000 U.S. adults for national surveys. The margin of sampling error for a survey based on this many interviews is approximately +/- 3.2 percentage points at the 95% confidence level.  

About COUNTRY Financial®     

The COUNTRY Financial® group (www.countryfinancial.com) serves about one million households and businesses throughout the United States. It offers a wide range of financial products and services from auto, home, business and life insurance to retirement planning services, investment management and annuities.  

Visit COUNTRY Financial on Twitter @HelloCountry, on Facebook @COUNTRYFinancial and on Instagram @countryfinancial.  

About Ipsos      

Ipsos is the world's third largest market research company, present in 90 markets and employing more than 18,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.

Founded in France in 1975, Ipsos is listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).