Despite the financial uncertainties faced by many Americans, generosity is surprisingly at the forefront of their minds. According to the 2015 Money Mindset Report by Thrivent Financial, 61 percent of Americans said they would rather be called generous than financially successful. In fact, more than one in three Americans think the purpose of the money they make is to give back, whether during their lifetime or after. While this is positive, the emerging theme from Thrivent’s research report illustrates that although Americans want to be generous, they aren’t preparing financially for the future. They’re lacking in long-term financial strategies, advice and tools, and this generally holds true regardless of income level.
The 2015 Money Mindset Report, conducted in partnership with Wakefield Research, surveyed 1,001 U.S. adults ages 18 and over to learn more about Americans’ relationship with money, including how they make decisions when it comes to their personal finances, giving back to others and the role of faith in their finances.
In addition to highlighting the emphasis Americans place on generosity, the survey showed that many still face difficult challenges and lack confidence when it comes to managing day-to-day finances and long-term financial goals.
Only 27 percent of Americans are very confident they are making the right decisions with their money.
Many Americans struggle with their finances in the following ways: 32 percent don’t have an emergency fund, 25 percent don’t have a long-term financial strategy and 21 percent don’t have a short-term strategy. In fact, 79 percent don’t have a financial advisor.
Most Americans aren’t protecting their finances or preparing for the future. More than half of Americans (53 percent) don’t have life insurance, 62 percent don’t have a retirement fund and 89 percent don’t have disability income insurance.
“The results from the survey show that many people want to be generous, but uncertainty about their finances may be keeping them from taking action to give back to others,” said John Lauer, a financial representative with Thrivent Financial in Morgantown. “Taking steps to be wise with money, including creating long and short-term financial strategies, protecting against potential setbacks and finding small ways to make a difference can help lead to a life where individuals can be wise with money and live generously.”
To view the full report and analysis by Thrivent Financial, please visit Thrivent.com/moneymindset.
