The Edward Jones survey finds financial stability that is still difficult to achieve for many Americans


Street. Lewis, January 25, 2021 / PRNewswire / – Although the COVID-19 epidemic has introduced a curve ball for many families, most Americans (81%) feel in control of their financial situation, according to a recent study by financial services company Edward Jones. When it comes to financial resilience – the ability to withstand or recover quickly from difficult economic situations – almost half of the respondents (46%) are confident in their current abilities.

“It’s encouraging to see Americans feel secure in their economic situation in light of the turbulent year that has been set in 2020,” said Edward Jones’ principal, Vanessa Okuraeva. “Despite this, financial stability requires careful planning, goal setting and flexibility to change this strategy if and when situations arise.”

Planning key for achieving financial stability, resilience

In fact, nearly 70% of Americans with strategy feel financially stable (68%) and financially resilient (69%).

The COVID-19 epidemic and other challenges from 2020 have led many individual investors to reprocess their financial strategies. Survey respondents shared that they prioritize and save more for personal education, marriage and childbirth opportunities. Some have rejected major life events such as buying a home (12%), changing careers (10%) and retiring (6%); While still saving for these future moments, many are reinvesting money to cover today’s unexpected expenses as a result of the plague.

More than half of respondents (53%) actively contribute to their emergency funds, with about one in four (23%) declaring that this is the first point of access to immediate funds if they are in financial distress. Cash (20%) and loans from family or friends (12%) round out the other top access points for immediate funds. This number is rising for Zoomers, of whom 31% of those born in the late 1990s and early 2000s (Generation Z) indicated that they would access the funds through a loan from family or friends.

COVID-19 arouses interest in stocks, financial learning

Interestingly, about 1 in 10 Americans have increased their investment in stocks and bonds (11%) or started investing for the first time (7%). Often overlooked, financial education can be a valuable tool for driving resilience and economic stability, which some generations prefer over others. Of all millennials (31%) indicated that increasing their financial knowledge is a significantly higher priority compared to their older and younger counterparts, including Zoomers (22%), Gen X (22%) and Baby Boomers (14%).

As a result, Edward Jones Has launched a free online financial fitness program at www.edwardjones.com/FinancialFitness to offer its clients and investors personal financing resources that will help ease the savings, home purchase or financial caregivers a little.

Families, financial advisors and trusted sources for guidance

As highlighted during market volatility in 2020, U.S. adults are looking for a guide who can understand them and help them achieve their financial goals.

In the past year 26% of respondents to the survey have started working with a financial advisor. However, only a small percentage of Americans (16%) consult a financial advisor, and mostly rely on significant others (26%) or family and friends (21%) for help in making financial decisions.

“Given the number of financial concerns the epidemic brings, whether it is job loss, retirement considerations, treatment care or providing financial support to adult children, it is important to seek counseling,” Okurawi said. “These dynamics can be difficult to navigate. Investing in your financial education, consulting a financial advisor, developing a financial strategy and adjusting that strategy as situations arise are beneficial strategies for increasing resilience and financial stability.”

For more information and free financial resources, visit the site www.edwardjones.com/financialfitness.

methodology
This survey was conducted by the global data intelligence company Morning Consul among a national sample of 2,220 adults December 8-9, 2020.

about Edward Jones
Edward D. Jones & Co., LP, Fortune 500 dropped down Saint Louis, Provides financial services in the United States and through its affiliate, b Canada. Every aspect of the firm’s business, from the proposed investments to the location of branches, appeals to individual investors. The company’s financial advisors number 19,000 plus and serve more than 7 million clients in total $ 1.2 trillion In client assets in care. Visit www.edwardjones.com or the recruitment site at www.careers.edwardjones.com. SIPC member.