Americans really love their smartphones, just one of the items they put before financial security.
They might also be willing to risk their financial security to keep some of their other “most-valued items.”
In fact, nearly half of Americans surveyed were willing to give up their security if it meant keeping either their smartphones, cars or vacations, according to Voya Financial.
“We all value the things that make our lives easier, more productive and give us joy—like spending vacation time with family and friends,” said Carolyn Johnson, CEO of Voya’s Annuities and Individual Life business, said in a statement. “And while the goal of achieving financial security may feel daunting or perhaps even unreachable, Americans recognize its importance. The good news is—with some planning and guidance from the right resource—protecting our families, our income and our financial future is something we can all achieve.”
Voya’s survey examined which of the following items Americans would be least willing to give up: their financial security, smartphones, cars or vacations.
Key findings include:
- 53 percent of Americans would be less willing to give up their security than to give up their smartphones, cars or vacations.
- 16 percent of Americans would be less willing to give up their smartphones than to give up their security.
- 15 percent of Americans would be less willing to give up their vacations than to give up their security.
- 14 percent of Americans would be less willing to give up their cars than to give up their security.
Every generation prioritizes financial security differently
Surprisingly, Voya’s survey found that baby boomers are more attached to their smartphones than millennials—and millennials are the least willing of all generations to give up their security. In addition, men and women were fairly well matched, with a few exceptions.
- Millennials: 56 percent of millennials surveyed said they were less willing to give up security to keep their smartphones, cars or vacations—more than any other generation (53 percent of Gen Xers and 50 percent of baby boomers selected financial security).
- Baby boomers: 20 percent of baby boomers surveyed choose to keep their smartphone and forgo their financial security—more than any other generation (15 percent of millennials and 14 percent of Gen Xers selected their smartphones).
- Gen X: Gen Xers were the least likely of all generations to give up their vacations to keep their security; 20 percent of Gen Xers selected vacations versus 14 percent of baby boomers and 13% of millennials.
- Men: Males were less willing than females to give up their smartphones—even if it meant losing financial security.
- Women: Women were slightly less willing to give up their financial security than men (56 percent vs. 51 percent).
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
