Providing for your family is first in your life and that even extends into your relationship with personal finances. You are looking for security and ways to pay your monthly bills and eventually tackle that debt. You’ve got a lot going on in your life and you’re juggling taking care of your family, so taking care of your finances may seem like a daunting task. You likely live life in the moment, rather than following a strict plan.
Stress over managing your finances
Feel confident creating short-term goals on your own
Motivated to provide for your family
You Consider Finances Daunting
Sometimes you feel that managing your finances can feel challenging. Day-to-day your monthly bills and debts may be weighing on your mind. You probably feel constrained by your current financial situation. It's tough to find the time and motivation to learn about financial products because you're so busy with everything else. That's okay! When you have a second, take some time to read bite sized information on finance and what may work best for your family. Like many other Americans, you feel that your top challenge is saving for the future, but that’s also your top financial goal. In fact, more than 80% of your fellow Active Providers wish they knew more about planning for retirement.
You Could Use a Little Help From Your Friends
Creating and following a financial plan may not be something you enjoy, but with everything you have on your plate, that’s understandable! Since you may consider finances daunting, you could ask around for a little help. Ask a trusted friend or family member if they have a financial representative they would recommend. A representative could help you do the heavy lifting, such as allocating your portfolio and choosing individual investments — the things you may not want to do on your own. You may be surprised at the amount of money needed to save for your future. You feel confident about setting short-term goals for yourself, but you prefer to have a financial representative help you with the long-term goals. If you don't have a representative yet, don’t feel alone. Only 17% of Active Providers have a financial representative.
Your motivations to purchase financial products are to be worry-free and to provide for your family. Also, you hope to one day be financially independent and feel secure about your finances. Of course, you want to choose products that give you a good return on your investments. As you get a little older, you may view life events differently. If you’ve had a friend or family member go through a difficult health or financial situation, that may also be a motivator for you. Traditional life events, such as children or grandchildren, may have caused you to think about your financial portfolio and consider financial products and services.
Research study conducted in 2018 by Western & Southern Financial Group. Quantitative and qualitative study of financial attitudes of the U.S. within ages 25-70; $40K+ household income; and openness to financial products. Six categories emerged based upon cluster analysis of a variety of attitudes regarding financial motivations. An algorithm guides the placement of participants into a segment based upon answers to the key differentiating data points.
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