Business
Wire December 11, 2019
Americans
are more focused on improving their health and wellness than their finances in
2020, with only 14% of people including financial planning as a resolution in
2020 – down from 18% last year.
In
addition, when asked about their top focus areas for the New Year, more than
half (51%) of Americans said health and wellness while only 27% chose financial
stability.
This
commitment to health and wellness even extends to American’s who are struggling
to meet their retirement goals. Nearly four in 10 (39%) of those who “don’t
think they’ll be able to retire” still prioritize health and wellness over
financial stability (33%) in the New Year.These are some of the findings from
the annual New Year’s Resolution Study* conducted by Allianz Life
Insurance Company of North America (Allianz Life®).
The
study found baby boomers are the generation most focused on their health and
wellness at 63%, compared with 49% of Gen Xers and 40% of millennials. This is
more than twice the number of boomers that said they are planning to focus on
financial stability in 2020, at just 28%.
Financial
Risks to Longevity
“People focus on health and wellness with the hopes of potentially living longer, but they aren’t setting themselves up financially for a longer life,” said Kelly LaVigne, vice president of consumer insights, Allianz Life. “We all want to live longer, but not many people are planning for how they will actually pay for it.”
“People focus on health and wellness with the hopes of potentially living longer, but they aren’t setting themselves up financially for a longer life,” said Kelly LaVigne, vice president of consumer insights, Allianz Life. “We all want to live longer, but not many people are planning for how they will actually pay for it.”
Boomers
are especially focused on their wellbeing, and nearly a third cite increasing
healthcare costs as the greatest risk to their retirement in the next year.
Yet, when asked to name one thing they could do in the New Year to reduce risk
to their planned retirement, only 7% said they could put more money into a fund
to pay for future healthcare costs, like an HSA.
“In
general, people are living longer, and with that longevity comes greater risks
to outliving your money,” said LaVigne. “Retirement income planning can help
and should be a crucial part of every financial plan, but just one in 10
boomers said creating a plan for how they will spend their savings in
retirement could help reduce their retirement risk.”
A Rosy
Outlook Overall
Despite the lack of focus on financial planning in 2020, the majority of Americans aren’t too worried about their finances or prospects for a successful retirement. Currently, one in five people say they don’t see any risks to their retirement in 2020. What’s more, likelihood of seeking help with financial planning from a financial professional is on a steady decline over the past three years, currently at only 27% (down from 32% in 2017 and 31% in 2018).
Despite the lack of focus on financial planning in 2020, the majority of Americans aren’t too worried about their finances or prospects for a successful retirement. Currently, one in five people say they don’t see any risks to their retirement in 2020. What’s more, likelihood of seeking help with financial planning from a financial professional is on a steady decline over the past three years, currently at only 27% (down from 32% in 2017 and 31% in 2018).
When
asked why financial planning isn’t one of their resolutions, only 32% of
Americans said it is because they already have a financial plan, while another
30% said it is because they don’t make enough money to worry about financial
planning.
“The
fact that people plan to focus less on their finances is concerning,” said
LaVigne. “While it’s great to be optimistic about your financial situation,
it’s also important to be realistic about certain retirement risks and the
steps you can take to mitigate those risks in the year ahead.”
*Allianz
Life Insurance Company of North America conducted an online survey, the 2019
Allianz Life New Year’s Resolution Study, in November 2019 with a
nationally representative sample of 1,307 respondents ages 18 years or older.
About
Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® in 2019, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2018, Allianz Life provided $2.8 billion in benefit payments that helped policyholders achieve their financial goals. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with over 142,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® in 2019, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2018, Allianz Life provided $2.8 billion in benefit payments that helped policyholders achieve their financial goals. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with over 142,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.
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