Lincoln Financial Group Survey Shows Majority of Americans Prioritize
Financial Planning, but One-Fourth Say They Aren’t Doing a Very Good Job
RADNOR, Pa.–(BUSINESS WIRE)–This Valentine’s Day, Lincoln Financial Group (NYSE: LNC) encourages
consumers to give their loved ones a gift that transcends flowers,
champagne and chocolates: a strong financial plan. The company’s 2018
Responsibility of Love Survey found that while 88 percent of
Americans say that setting a plan for their family’s financial future is
an important priority, almost one-fourth say they are not doing a very
good job setting that plan.
“While financial planning may not seem romantic, the fact is love for
others is a critical motivator in driving financial decision-making,”
said Kristen Phillips, senior vice president of Corporate Marketing,
Communications and Strategy for Lincoln Financial Group. “Consumers’
hearts are in the right place with the desire to create positive
outcomes to and through retirement, however, we need to help them
translate good intentions into action. People are still struggling to
manage key personal and financial responsibilities.”
For that reason, Lincoln Financial suggests a few steps to help give
consumers and their loved ones stronger peace of mind.
Heat up your retirement savings. Skip buying chocolates this
year because little changes to your spending can make a big
difference. Take a few minutes to review your monthly expenses, from
mortgage and car payments to your morning coffee. Cutting a little bit
here and there may reveal extra money to save in your
employer-sponsored retirement plan that will make a big difference.
Take advantage of a few savings tools and calculators here.
Fall in love with pursuing lifetime income. You found a love to
last a lifetime, but will your savings withstand the test of time too?
At a time when people are living longer and face greater risks to
their savings, an annuity
is a financial product designed for retirement that can provide you
with guaranteed monthly income that’s protected and can last for as
long as you live. There are different types of annuities to choose
from, and a financial advisor can help you decide which type of
annuity might be best for your individual needs, preferences and
income planning goals.
Get passionate about life insurance. A life
insurance policy can serve as the financial foundation of a
portfolio, helping to provide desirable financial protection in the
event of a loved one’s death. As part of a larger financial plan, life
insurance benefits can also offer advantages that help meet goals at
every stage of life, including: funding a child’s education costs;
strengthening retirement savings; creating additional cash flow; and
helping to protect wealth for future generations.
Follow Cupid’s arrow toward long-term
care. The greatest changes to income and lifestyle
may result from an unexpected long-term health care event.
Knowledgeable advisors understand how this can affect a client’s
portfolio. According to Lincoln’s survey, only 11 percent of Americans
own a financial solution that can help with long-term care expenses
and 46 percent know very little about those types of products.
Different solutions can help provide a cushion. Understanding the
various policies and choosing the best fit for your needs can help
achieve a desired financial outcome during retirement.
Sweeten a plan with accident coverage. Accidents are bound to
happen, especially with active kids playing sports. However, are you
prepared for the inevitable? Lincoln’s survey found that 65 percent of
Americans are worried about not having enough money to cover an
unexpected accident or illness, but only 15 percent had put a plan in
place to help manage this concern. Accident
insurance, often available through your employer, provides
financial protection that can offset the cost of a deductible for
things like emergency room visits and ambulance trips.
“In addition to these steps, consider meeting with a financial advisor
to help create an overall plan specifically tailored meet the needs of
you and your family,” said Phillips. “A secure financial future is a
gift that will last you and your family for years to come. It’s the
ideal expression of love.”
for more tools and resources to help plan for those you love the most.
Methodology for the 2018 Love and Responsibility Survey
Results for the 2018 Lincoln Love & Responsibility Survey are based on
an online survey among 2,393 Americans ages 18+ that was conducted by
Whitman Insight Strategies on behalf of Lincoln Financial Group. Field
dates were from June 28 to July 3, 2018. The survey included a sample of
the General Population as well as over-samples to ensure data cuts by
Generational sub-groups as well as Hispanic/Latino Americans (N=432),
African Americans (N=417), Asian Americans (N=413), and LGBTQ Americans
(N=426). The overall sample was weighted to reflect the proportion of
these audiences by gender, age, region, race and Hispanic/Latino
ethnicity based on data from the U.S. Census Bureau. The margin of error
at the 95% level of confidence for the total sample is ±1.9%. Source
data for the statistics mentioned in this release are available here.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help empower
people to take charge of their financial lives with confidence and
optimism. Today, more than 17 million customers trust our retirement,
insurance and wealth protection expertise to help address their
lifestyle, savings and income goals, as well as to guard against
long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln
Financial Group is the marketing name for Lincoln National Corporation
(NYSE:LNC) and its affiliates. The company had $238 billion in assets
under management as of December 31, 2018. Lincoln Financial Group is a
committed corporate citizen included on major sustainability indices
including the Dow Jones Sustainability Index North America and
FTSE4Good. Additionally, Lincoln is dedicated to upholding a diverse and
inclusive organization and was recognized by Forbes as one of the Best
Large Employers, Best Employers for Diversity, and Best Employers for
Women and received a perfect score of 100 percent in 2018 on both the
Corporate Equality Index and Disability Equality Index. Learn more at: www.LincolnFinancial.com.
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