Most Americans are uncomfortable with their financial situation, lack understanding of financial products, don’t feel prepared for retirement and rarely discuss finances, according to a new report.
Aviva U.S.A., West Des Moines, Iowa, published this finding in a summary of results from an online survey of 2,068 adults aged 18 and older. The survey was conducted in collaboration with The Mayo Clinic, Rochester, Minn.
The survey reveals that two out of three men report feeling stressed, their financial situation being the primary contributing factor. The survey also shows that two out of three American women are uncomfortable with their financial situation.
Despite those concerns, only about one in five of those surveyed works with a financial services professional; those who do are 130% more likely to feel comfortable with their financial situation than those who do not, the survey finds.
Among the survey’s additional findings:
- People who work with a financial services professional are more than twice as likely to feel comfortable with their current financial situation as those who do not.
- Just one in three respondents feels they are, or will be, prepared for retirement.
- Forty-three percent of people surveyed who own life insurance say they probably don’t have enough.
- Those who do not own life insurance are 45% more likely to feel highly stressed than those who do own life insurance.