Financial Wellness Month: Younger Americans More Likely to Feel ‘Economically Empowered’

New survey finds Millennials, Gen Z feel more economically empowered than Boomers, Gen X
January Financial Wellness Month
Image credit: © Carl Lokko | Dreamstime.com

January is Financial Wellness Month, and according to new research, younger Americans are more likely to feel “economically empowered” than older Americans.

Commissioned by Herbalife and conducted by OnePoll for Financial Wellness Month, the survey defined “economic empowerment” as providing people with the education, training and skills that they need to find a job, earn an income and become self-supporting.

When looking at the 2,000 Americans surveyed, data revealed Gen Z and Millennials were the most likely to currently feel economically empowered (66% and 70%, respectively), compared to 51% of Gen X and 52% of Baby Boomers.

“These findings shed new light on previous misconceptions about the generational confidence in personal economic empowerment, which has been exacerbated by recent challenges, including inflation, business closures and a tougher lending environment,” said Ibi Montesino, Herbalife’s executive vice president and chief of staff responsible for distributor and customer experience.

Globally, 81% of respondents said the past five years have made them more aware of their economic situation. Of those, 82% are currently taking steps to feel economically empowered—that’s compared to 69% of Americans surveyed.

For those globally who are taking steps to become more empowered, 20% are educating themself about personal finance, budgeting, investing and managing debt. Respondents are also setting clear financial goals (18%); investing in education and skill development (14%); and working to start their own business or a “side job” (11%).

From the survey:

What’s holding respondents back from being economically empowered?

• 16%: I don’t have the resources I need to invest in my ideas

• 16%: I don’t have the right skills for growth in my job/to get the career I want

• 13%: Limited access to credit, money or other financial services

• 11%: Lack of opportunities for education/additional education

• 10%: The current political situation in my country

What are you doing to be more economically empowered?

• 20%: Educating myself about personal finance, budgeting, investing, managing debt, etc.

• 18%: Setting clear financial goals, including saving money regularly and/or paying off debts

• 14%: Investing in education and skill development that aligns with my goals

• 11%: Starting my own business/starting a “side job” to diversify where my income is coming from

• 11%: Working to build a strong personal and/or professional network

Fidelity offers Financial Wellness Month toolkit

While Financial Wellness Month lacks a main or title sponsor to coordinate awareness campaign efforts, many organizations are stepping up to offer their own resources. One of those is Fidelity Investments, which has a dedicated Financial Wellness Month 2024 Toolkit designed to help employees start the new year with a plan to make progress on their money priorities and improve their financial well-being.

The toolkit reveals that those who engage with Fidelity’s Financial Wellness resources exhibit positive outcomes, including 2x more retirement contributions, 5x more savings and 25% more confidence.

Additionally, research shows that financially well employees are 10x more likely to be focused at work than employees who are not financially well.

Fidelity’s Financial Wellness Central on NetBenefits.com (NetBenefits.com/myfinancialwellness) provides employees with the help they need to get (and stay) on target toward achieving what matters most to them all year long. In January, the site features daily financial tips, workshops, and relevant articles, tools, and resources that cover important topics such as preparing for unexpected costs, balancing money priorities and managing debt.

To encourage engagement with employees, the site also includes downloadable Financial Wellness Month materials for use in the workplace including emails, newsletter articles/social media posts, a poster, and digital signage.

SEE ALSO:

• Companies Cite Rising Costs of Living for Providing Financial Wellness Benefits

• Employers Taking a More Proactive Approach to Financial Wellness

• Exploring the Very Real Workplace Financial Wellness Gender Gap

Brian Anderson Editor
Editor-in-Chief at  | banderson@401kspecialist.com | + posts

Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.

Total
0
Share