October 9, 2023
BLOOMINGTON, IL. - After a downward trend in feelings of financial security in the first half of 2023, Americans are starting to feel relief. A new survey from COUNTRY Financial found that Americans’ levels of financial security are improving. Nearly 6 in ten Americans (59%) rate their level of financial security as excellent or good, a 5-point increase from Q2 2023. Additionally, those who have a financial advisor are more likely to have positive feelings, with 62% reporting their level of financial security as excellent or good vs. 52% of those who do not have a financial advisor.
“The high rates of inflation we experienced in 2021 and 2022 have subsided somewhat, which may be helping people feel more confident about their finances. Additionally, some may have experienced pay raises,” said Chelsie Moore, CFP®, CFA, Director of Wealth Management at COUNTRY Financial.
Feelings of regret from the financial mistakes Americans made earlier this year and concerns for the future linger. Americans report they are concerned that economic factors and global events will negatively impact their financial goals, specifically:
“All of these economic factors have occurred in the past and will most likely surface again at some point in the future. Having a plan that accounts for various negative factors that could occur, along with the help of an experienced financial advisor to guide you, can keep you from making a critical mistake that could make a tough situation even worse,” Moore said.
Americans are also reflecting on financial challenges from the year so far. One in four Americans report their biggest financial regret from the last six months is not saving enough money, followed by taking on too much credit card debt (12%). However, those who have a financial advisor are less likely to say they regret not saving enough. In fact, 8 in ten of those who have a financial advisor say they were able to set aside money for savings or investments over the past two months, compared to 50% of those who do not have an advisor. They are also more likely to say they do not have any financial regrets (53% vs 38%).
“There are a few factors that may be impacting people’s ability to save to the extent that they want to,” Moore said. “First, recent inflation has caused prices to increase across the board. This means that people need to spend more just to continue paying for the goods and services they’re used to. If that part of the budget is going to increase then another part of the budget usually needs to give, like their savings rate.
“There are always competing needs and wants demanding pieces of a budget. A financial advisor can serve as another set of eyes to help you see opportunities or risks that you might be missing. They can also share common mistakes that others have made or provide solutions to problems that have proven successful with other clients.”
Learn more about how a COUNTRY Trust Bank Financial Advisor can help you.
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 1,026 U.S. adults for national surveys. The margin of sampling error for a survey based on this many interviews is approximately +/- 3.3 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.
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