Despite doing all the right things, younger generations are having a tougher time achieving financial goals, a new survey finds.
U.S. Bank conducted the survey of 5,000 adults and found that although many Americans continue to make responsible financial choices — budgeting (68%), reducing leisure spending (64%) and creating financial plans (57%) — a majority of Americans feel a lack of control over many important life decisions.
Millennials and Gen Z are struggling to do what was routine in generations past, such as homeownership and saving for retirement. Many Americans are confident in their ability to manage daily expenses, but long-term financial planning is more uncertain and can be overwhelming.
But it’s not all bad news. The survey shows that financial planning and professional advice significantly improve confidence and feelings of control. Of those with a financial advisor, 89% feel in control of saving for retirement (vs. 73% without a financial advisor) and 85% of those with a financial advisor are confident they will be able to own a home (vs. 60% without a financial advisor).
We discuss what it takes to be financially sound in today’s economy, especially as the cost of living continues to rise. We’ll compare this point in the country’s economic history with similar times in the past, and offer some tangible insights as to where to start with organizing your finances without getting overwhelmed. When being smart with money isn’t enough, what happens to the American Dream? We find out on the next Charlotte Talks.
GUESTS:
Dr. John Connaughton, Belk College economist at UNC Charlotte
Eric Freedman, chief investment officer for U.S. Bank Asset Management Group
Heather Patrek, Wealth Planner at U.S. Bank Private Wealth Management
