December 18, 2023
Bloomington, IL.– As 2023 comes to a close and Americans reflect on the progress of the financial goals they set, many are celebrating success. And those who had the guidance of a financial advisor were more likely to achieve their goals, according to a new survey from COUNTRY Financial®.
Eight in ten Americans set financial goals for themselves in 2023 (78%), and, overall, they were most successful with increasing their investments (61%), increasing the amount or percentage they are saving for retirement (59%), and having more life experiences (58%).
But those who say they work with a financial advisor were significantly more likely to say they accomplished those same goals:
Additionally, those who have a financial advisor were more likely to report feeling excellent about their level of financial security (28% of those who have an advisor vs 10% of those who do not), were significantly more likely to report setting aside money for savings or investments in the last two months (78% of those who have an advisor vs 47% of those who do not) and say it’s very likely they will have enough money to enjoy a comfortable retirement (50% of those who have an advisor compared to 18% of those who don’t).
“Our financial advisors helped their clients by taking the time to listen and understand the goals and challenges their clients faced,” said Chelsie Moore, Director of Wealth Management Solutions at COUNTRY Financial. “They then built plans with those clients to address their challenges while working toward achieving their goals, utilizing a team of experts and top of the line planning software that clients use to keep track of their finances and gauge progress toward their goals.”
As Americans look forward to the new year, their top goals demonstrate the struggle of emotions between saving and living in the moment. Nearly nine in ten Americans want to accomplish a financial goal in 2024, with 4 in ten saying they would like to have more life experiences, and an equal percentage (40%) reporting they want to control spending.
They plan to achieve those goals by reducing spending in other areas (56%), creating a budget (32%), putting money from a raise toward their goals (22%) and contributing to their employer’s retirement plan (20%). Only 12% say they plan to meet with a financial advisor.
“We all struggle between wanting to live in the moment while also trying to save for the future,” said Moore. “The key to achieving financial goals is planning. A financial advisor can keep you focused on what’s most important you and can illustrate the impacts of your decisions for both the short and long-term. A short-term decision can have long-term impacts to your estate planning, tax planning and retirement planning situations. It’s important to have an accountability partner to help you stick with your plan. As we saw over the last year, those who stuck with their plans are being rewarded.”
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 1,023 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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