Through the study, Guardian elicited a pattern of
behaviors exhibited by Confident Planners or just 21% of respondents. These
individuals are most likely to credit their success to four specific behaviors:
- Education: The Confident Planners have higher levels of education as
well as financial competence, as measured by an assertion of basic
understanding of financial concepts and products.
- Plan: These individuals are more likely to live within their means and
have some form of a written plan with specific details and clearly outlined
- Ownership: Most own products appropriate for their financial goals that
incorporate both growth and protection solutions.
- Partnership: The majority work closely with an adviser and use some type
of planning tool.
a few small changes in how you approach your finances can put you on track to
be more financially confident and ultimately help you live a more satisfied, less-stressed
life,” suggests Matthew Bryan, assistant vice president
concludes, “The happiest and least-stressed Americans are the most financially
literate, are more likely to have a detailed plan, and own appropriate products
to financially protect their families. Advisers can help by taking a holistic approach that identifies the gaps in their
clients’ current behaviors and then laying out a blueprint to address those
gaps for a more financially confident future that models the behaviors of the
most confident Americans.”
conducted a national online survey of 4,971 Americans age 18 and older who are
currently employed full-time or part-time, have never retired, and have
household incomes of $50,000 or more.
information about The Guardian Study of Financial and Emotional Confidence, visit guardianlife.com.
Guardian’s Financial Confidence Quiz can be accessed here.