Americans are feeling more secure. It’s no surprise seeing as unemployment rates are near an all-time low, companies look strong, the country just experienced massive tax cuts and the stock market has been on a decade-long winning streak.
A 2018 New York Life study says Americans are feeling good when it comes to their financial outlook. Less than half of the respondents (42%) say they experience stress around planning for their financial future, compared to 54% five years ago in 2013 – when New York Life released the previous edition of the study. Only 38% are worried about their ability to maintain their current lifestyle, down from 45% previously. Overall, people feel positive – roughly 76% of families report they feel financially secure right now, up from 68%.
Despite all the positive feelings toward their current financial situations, family and workplace landscapes are changing – in turn affecting the role money plays in everyday lives. The world is evolving and financial planning needs to evolve with it.