“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.”
MINNEAPOLIS (Nov, 2015) – 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 1 in 3 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, it 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.
[quote_right]61 percent of Americans said they would rather be called generous than financially successful.[/quote_right]The 2015 Money Mindset Report, conducted in partnership with Wakefield Research, surveyed 1,001 U.S. adults ages 18+ 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,” says Libby Greiwe, a financial representative with Thrivent Financial. “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.
About the Study
Wakefield Research, a market research consultancy specializing in strategic and tactical research, conducted the Thrivent Financial survey among 1,001 nationally representative U.S. adults ages 18+ between July 16 and July 27, 2015, using an email invitation and an online survey. Quotas have been set to ensure reliable and accurate representation of the U.S. adult population ages 18+.
Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 3.1 percentage points from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.
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Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent. For additional important information, visit Thrivent.com/disclosures.
