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WHAT DOES A HEALTHY RELATIONSHIP WITH MONEY LOOK LIKE?



Everyone benefits from having a strong financial role model. But examples of
good money behavior can be hard to find, particularly for people raised in
families where money was never discussed. Without seeing healthy relationships
with money, however, people can get stuck in their own detrimental habits, such
as overspending and undersaving. Plus, it’s hard to envision a long-term
financial plan without someone illuminating the road ahead.

For those wanting to build a better financial life, the Guardian Study of
Financial and Emotional Confidence TM offers inspiration. The 2021 study
surveyed over 5,000 full and part-time American workers with median household
incomes of $112,000. Over the course of the study, four different financial
profiles emerged: Day-to-Day Decision-Makers, Retirement Realists, Ambitious
Spenders, and Confident Planners. There’s a broad range of financial habits
among these four groups, and when it comes to model behaviors to emulate, the
Ambitious Spenders and the Confident Planners lead the way. Here’s why.


WORKING WITH A FINANCIAL PROFESSIONAL

Of the approximately 5,000 people who responded to the Study, 32 percent fall
into the Ambitious Spenders category. This group tends to be made up of
millennials, and they are the most likely to own their own business.

For long-term planning, more than half are currently working with a financial
professional to develop their custom financial strategy. Additionally, they
embrace healthy risk: over three-fourths (77 percent) say they will assume
greater risk in their investments to gain above-average returns. Plus, 83
percent say that they feel more satisfaction when they save extra money rather
than spend it. These habits give Ambitious Spenders a high level of confidence
in their future ability to retire with their expenses covered, including the
unexpected.


A COMPREHENSIVE FINANCIAL STRATEGY

Twenty-three percent of the respondents were Confident Planners, largely older
members of Generation X. Perhaps the most surprising fact about this group is
that their confidence is not solely due to income. Yes, they are the
highest-earning group with a mean household income of $183,000. At the same
time, their confidence also comes from their deep understanding of the range of
financial products available to them. For instance, 77 percent say their
financial plans address retirement income planning, and 90 percent say they
understand annuities well.

They also excel in saving for the future, as they put aside approximately 23
percent of their annual income. And once they set up their long-term financial
strategy, 95 percent confirm that they are good at sticking to it. All these
behaviors lead Confident Planners to feel “extremely confident” about
retirement.


HOW TO BOOST YOUR FINANCIAL CONFIDENCE

If you’re still feeling hesitant to start a new relationship with money, it may
help to remember that you are not alone. The 2021 study found that 37 percent of
those surveyed say they avoid dealing with their finances because they find it
overwhelming.

People point to all sorts of reasons for this stress, from personal worries to
concerns about chaos in the world. No matter what prevents you from making the
changes you desire, research shows1 that people are more likely to succeed when
they pick a meaningful date to begin. This can be your birthday, or graduation
date, or even the first day of the week. To get started, pick your Fresh Start
date to begin a new habit. One action to consider for your Fresh Start date is
to call a financial professional to begin discussing your future and financial
goals.

If you haven’t had strong financial role models in your life, it can be hard to
know how to get better with money, especially for the long term. Embracing the
habits of Ambitious Spenders and Confident Planners, like increasing your
savings and working with a financial professional to create and write down your
financial strategy, can help.

Curious to know to your financial profile? Take our quiz.

 

 

Brought to you by The Guardian Network © 2022. The Guardian Life Insurance
Company of America®, New York, NY

2022-137601 Exp. 05/2024




SOURCES:

Sources:
The Guardian Study of Financial and Emotional Confidence, 2021.

1 The Fresh Start Effect: Temporal Landmarks Motivate Aspirational Behavior


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© 2022 The Guardian Life Insurance Company of America

Securities products and advisory services offered through Park Avenue Securities
LLC (PAS), a registered broker-dealer and investment adviser.
PAS is a wholly owned subsidiary of Guardian and a member FINRA, SIPC.