{"id":23027,"date":"2025-01-07T22:51:41","date_gmt":"2025-01-07T22:51:41","guid":{"rendered":"http:\/\/www.thinkadvisor.com\/2025\/01\/07\/americans-head-into-2025-with-financial-confidence-survey\/"},"modified":"2025-01-07T22:51:41","modified_gmt":"2025-01-07T22:51:41","slug":"americans-head-into-2025-with-financial-confidence-survey","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2025\/01\/07\/americans-head-into-2025-with-financial-confidence-survey\/","title":{"rendered":"Americans Head Into 2025 With Financial Confidence: Survey"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/910604711\/0\/thinkadvisor.jpeg\"><img decoding=\"async\" src=\"https:\/\/feeds.feedblitz.com\/-\/910604711\/0\/thinkadvisor.jpeg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/k2-prod-alm.s3.us-east-1.amazonaws.com\/brightspot\/4a\/9b\/2373949d421a86b429ae78c38f5e\/2025-outlook-button-tech-adobe-640x640.jpeg\" class=\"ff-og-image-inserted\"><\/div>\n<p><!----><!----> <\/p>\n<div data-v-dede5a56 readability=\"9\">\n<p>Related to their concerns about inflation, 38% expected their living expenses to be higher in the first half of 2025 than they were in late 2024.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"13\">\n<p>Sixty-seven percent of respondents reported having some form of debt: 40% credit card debt, 18% mortgage or home equity debt and 18% medical debt. On average, those with credit card debt owe on average $8,295, $364 more than in 2023:<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"9\">\n<ul class=\"rte2-style-ul\" id=\"rte-70d40980-cd40-11ef-8e1e-8b2e114ba080\">\n<li>Gen Xers: $10,141 on average<\/li>\n<li>Boomers: $9,502<\/li>\n<li>Millennials: $6,859<\/li>\n<li>Gen Zers: $2,990<\/li>\n<\/ul>\n<p>These debtors said they are paying down what they owe by $491 a month on average, up from $363 the year before.<\/p>\n<\/div>\n<p> <!----> <\/p>\n<div data-v-dede5a56 readability=\"10\">\n<p>Caregivers in the survey reported unique challenges. Ninety percent said their responsibilities have increased or stayed the same as last year\u2019s. Seventy-five percent reported that they have some type of debt, compared with 62% of non-caregivers.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"12\">\n<p>Ruggles noted that family caregiving is a demanding responsibility with significant financial challenges because of the costs or loss of income associated with it. However, 82% of caregivers are planning to take action in 2025 in response to factors affecting their finances, compared with 68% of non-caregivers who are doing the same.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"15\">\n<p>\u201cCaregivers report that they are adjusting their strategies by cutting back on discretionary spending and developing a secondary income stream,\u201d she said. \u201cMost family caregivers are balancing care and work, and look to their employers for support across the spectrum of care.\u201d<\/p>\n<h2>Being Proactive&nbsp;<\/h2>\n<p>New York Life\u2019s survey found that Americans are being proactive with their finances, with 57% of respondents saying they review their financial strategies or budget at least every quarter.<\/p>\n<\/div>\n<p><!----> <\/p>\n<div data-v-dede5a56 readability=\"14\">\n<p>However, only 26% reported actually having a financial strategy in place and feeling confident in that strategy. Thirty-seven percent have no financial strategy at all, and 35% said they have one but need help with it \u2014 some around a recent life change, including retirement, growing a family and buying a home.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"10\">\n<p>Seventy-three percent of respondents said they were adjusting their financial habits in response to concerns like rising inflation. Thirty-seven percent are reducing discretionary spending, while 28% are modifying their budgets or financial strategies.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"10\">\n<p>Among those who are reconsidering their financial strategies, 35% said they plan to make changes to their investment portfolio or strategy in 2025. Eighty-nine percent said they would invest more or the same amount of money as they did in 2024.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"12\">\n<p>Americans who work with a financial advisor or professional reported higher levels of financial confidence, according to the survey. They are likelier than their peers to feel prepared across several areas, including for a financial emergency, ability to manage debt and prepare for retirement.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"9\">\n<p>Still, only 15% of respondents plan to work with a financial professional to help reach their financial goals in 2025.<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56 readability=\"13\">\n<p>\u201cFinancial stress and challenges are often seen as a personal responsibility, but strong financial foundations include building a team of experts to help you and your family manage and plan for a more secure, healthy future,\u201d Ruggles said. \u201cNo one should have to navigate their financial journey alone.\u201d<\/p>\n<\/div>\n<p><!----> <!----> <\/p>\n<div data-v-dede5a56>\n<p><i>Credit: Adobe Stock<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Related to their concerns about inflation, 38% expected their living expenses to be higher in the first half of 2025 than they were in late 2024. Sixty-seven percent of respondents reported having some form&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":23028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2025\/01\/americans-head-into-2025-with-financial-confidence-survey.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23027"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=23027"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/23027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/23028"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=23027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=23027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=23027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}