Advice advantage
Six in 10 (58%) say they need trusted financial counsel now, more than ever, as confidence in getting good financial advice trails at a 5.14 out of 10 and satisfaction with their financial plan is a 5.08.
The upshot is 78% say having a financial plan to guide their decisions ahead makes them happier and less stressed. For the majority, health equals wealth (70%) and most agree that talking with a financial professional about their money goals is important (65%).
"Measuring what matters is one goal of our research. Everyone has their own idea of a perfect score as they define financial happiness," notes Rickert.
More key findings from the report:
* Stress relievers: To reduce their financial stress, Americans are decreasing their discretionary spending and non-essential expenses (32%), switching to cheaper brands than they normally buy (32%) and building an emergency savings fund (30%).
* In advice we trust: Americans say financial professionals are the most trusted source of good money advice (50%) compared to just 10% for social media, 9% for AI, and 7% for influencers or podcasters.
* Barriers to making it: Americans say the biggest roadblocks to achieving financial happiness include income (35%) and feeling like expenses are adding up (35%). Close to a third feel that they are not in a place where they can save money (31%).
* Windfall wins: 74% say having more
ignoring the noise and taking the long-view approach to the stock market (49%). For 2 in 5 (39%), this time of uncertainty is ripe to make money moves, believing the adage "the bigger the risk, the bigger the reward" - a figure that rises substantially higher for younger generations (Gen Z 51% and Millennials 49%; compared to Gen X 40%, Boomers 22%) and for those with higher incomes (50% for those earning over $100k+). Almost half say they are going back to the basics by investing more in cash and gold (46%).
Rather than a generational divide, the study also uncovers "a generational decide" taking place. To navigate uncertainty, Americans see an opportunity to strengthen their network effect, which people currently pinpoint at a 5.55 out of 10. These valuable connections are perceived as linked to career and wealth building, particularly as the largest financial exchange in history is underway, with younger generations projected to inherit an estimated $84 trillion.1 For almost all, financial independence and interdependence go hand-in-hand: people say not having to rely on anyone else for money is as much a part of their happiness (84%) as being able to financially take care of their loved ones (81%).
BUSINESS CENT$