Financial Confidence

Recommendations

Info

LearnVest is a program for your money. At LearnVest, our financial planners work with individuals and families representing a wide range of ages, income levels, lifestyles, and goals. We offer clients a detailed financial plan and access to a holistic program designed to help the client put the advice into action. Visit www.learnvest.com.
Financial Confidence and the Workplace Financial stress in employees’ personal lives can have significant ripple effects in the workplace, including declines in productivity, focus and performance. A variety of recent studies have explored the extent and impact of financial stress in the workplace. Studies have also looked at companies that have started adding financial wellness programs to their benefits package to help improve employee engagement—and, ideally, their bottom line. 1 In this whitepaper, we examine an interesting trend in how people feel about their finances over time. While it might be assumed that financial confidence increases with time—along with wisdom and salaries—our research found the opposite. Specifically, we explore the sharp decline in confidence after age 25, and how increased financial responsibility paired with stagnant income growth can culminate in a crisis of confidence for people in their mid-30s and 40s. By illuminating what may hinder financial confidence across a range of age groups, this report can help provide a deeper understanding of how we might approach financial wellness in the US, thereby mitigating the negative effects of financial stress. 7 out of 10 workers say financial stress is their most common cause of stress 2 In 2012, about 1 in 5 employees admitted they had skipped work in the past year to deal with a financial problem 2 Over 60% of human resource professionals say financial stress is having an impact on employee work performance 2 55% of employers believe financial wellness leads to greater productivity 3 26% of small companies, 43% of medium companies and 46% of large companies have a financial wellness strategy in place for their employees or plan to add one in the next two years 3 1 Data is from 9/1/2013–7/15/2014 and aggregate of 78,717 users. 2 Consumer Finance Protection Bureau Report, Financial Wellness at Work (August 2014), available at http://www.consumerfinance.gov/ reports/financial-wellness-at-work/ 3 Bank of America Merrill Lynch Workplace Benefits Report (December 2013), available at http://benefitplans.baml.com/ir/pages/ workplace-benefits-report.aspx 3 Financial Confidence: Examining the U-Curve—and How We Might Improve the Confidence Trajectory
Page 1: Financial Confidence Examining the
Page 5 and 6: Introduction How do people feel abo
Page 7 and 8: Curious about whether income played
Page 9 and 10: A closer look at earning power Larg
Page 11 and 12: The average income for Americans gr
Page 13 and 14: The data shows that average America
Page 15 and 16: A detailed look by decade Under 25:
Page 17 and 18: Age 25-34: “The upwardly immobile
Page 19 and 20: Age 45- 54: “The light at the end
Page 21 and 22: found that people across age and in

Financial Confidence

Create successful ePaper yourself

Delete template?

Save as template?