12 ID Trends NAILBA
MDRT Survey from page 10
Clinging to the cord
Americans watch television for many reasons , from entertainment for children to destressing and community connection . Advisors should not assume that clients will automatically see cable as a luxury , when for some households it may be supporting mental well-being .
Willingness to cut back on cable / streaming by race
Don ’ t Spend
Unsure |
Don ’ t |
Unsure |
Don ’ t |
Unsure |
Unsure |
|
Spend |
|
Spend |
|
|
6 % 7 %
Yes No
Yes No
56 26 % % 21 % 62 %
No
Don ’ t Spend
9 %
6 %
9 % 11 % 15 % 17 %
Yes
Yes
50 % 48 %
28 % No
29 %
White Black Hispanic Asian
Hobbies on the chopping block
When asked about hobbies , a wide-ranging survey category which included gym or fitness spending , video games , club memberships , recreational classes and more , 52 % of Americans said they could reduce spending on these activities in a recession .
One particularly interesting finding was that Americans with at-home dependents ( children under 18 or adult dependents ) are also more likely to spend money on hobbies than Americans without at-home dependents ( 84 % vs . 78 %).
Especially in a post-pandemic landscape , hobbies as vehicles for social connections may be seen as too valuable to give up , even if finances get tighter .
Willingness to reduce hobby spending by gender
Don ’ t Spend
Unsure
Unsure
7 % 9 %
Home cooking is here to stay
The spending Americans across generational , gender , racial and parenting lines are most willing to reign in during a recession is spending on restaurant dining , including takeout and delivery orders . A hefty 74 % of all Americans say they could cut back on dining out during a recession , with only 14 % saying they could not cut back . These numbers hold up across demographic categories , indicating that other factors like job schedules may be driving decision making . Only 6 % of Americans say they do not spend money on restaurant dining .
Providing clients with the best possible service means keeping up with current trends and risks . Ultimately , it ’ s up to all financial advisors to keep clients informed and provide individualized recommendations to help all clients achieve their financial goals . In doing so , you ’ ll not only establish deeper client relationships , but you ’ ll ensure their families and finances are protected well into the future .
14 % Don ’ t
Yes
Spend
24 %
No 55 %
24 % No
17 %
Yes
50 %
Source : MDRT ( mdrt . org ) and on Twitter at @ MDRtweet
Men Women