Comprehensive up-to-date news coverage

HomeNewsBusinessFor financial advice, more Americans turn to family, friends and prayer than...

For financial advice, more Americans turn to family, friends and prayer than for financial advice

Published on

Follow us on Google News for latest updates and information.

News Tech: According to a recent Nationwide Retirement Institute poll, the majority of U.S. parents (60%) list inflation or growing living costs as their main financial concerns for the next 12 months. Less than half of parents (45%) feel optimistic about their family’s financial status, and almost four in five think rising costs and inflation would impact their vote in midterm elections. Almost one-third (32%) want legislation to reduce the financial strain placed on parents and carers.

While parents desire help with their family’s money, they prefer to seek financial guidance from family and friends (56%) and prayer (29%), rather than a professional (27%).

This uncertain climate contributes to a bleak vision for the future, with 88% of parents anticipating an economic slump in the coming year. Only nearly half of parents in the United States are sure they will be able to save enough for retirement or their children’s education, and only 48% believe they are on pace to accomplish their financial objectives.

“With rising living costs and the threat of a recession, parents’ confidence in their family’s financial situation is dwindling,” said Kristi Rodriguez, senior vice president of Nationwide Retirement Institute. “It’s understandable that families are seeking comfort during this tough time, whether via friends and family or faith, but the most crucial action they can take is to connect with a financial professional and build a plan.”

“While each family’s path to financial wellness is unique, our survey clearly shows that there is an immediate opportunity for financial professionals to help build confidence and security through financial literacy, particularly for younger families struggling in today’s economic environment,” Rodriguez added. “Financial advisors may assist with financial planning and other financial decisions such as optimising job benefits to assist families in addressing some current financial difficulties.”

See also  Runner from St. Paul walks 500 miles to raise money for pancreatic cancer research

Latest articles

New updates to Nintendo’s Switch Online app

News Tech: With the release of Splatoon 3, Nintendo has updated the Nintendo...

Install macOS Ventura Beta

Hello everyone, we are going to talk about a how-to article Install macOS Ventura...

Crypto data provider Chainlink and SWIFT collaborate on Cross-Chain protocol in TradeFi Play

News Tech: In an initial proof-of-concept, Chainlink, a supplier of price feeds and...

Share Amazon Prime Account

Hello everyone, we are going to discuss a how-to article Share your Amazon Prime...

More like this

New updates to Nintendo’s Switch Online app

News Tech: With the release of Splatoon 3, Nintendo has updated the Nintendo...

Install macOS Ventura Beta

Hello everyone, we are going to talk about a how-to article Install macOS Ventura...

Crypto data provider Chainlink and SWIFT collaborate on Cross-Chain protocol in TradeFi Play

News Tech: In an initial proof-of-concept, Chainlink, a supplier of price feeds and...

Share Amazon Prime Account

Hello everyone, we are going to discuss a how-to article Share your Amazon Prime...

Update for Windows 11 in 2022: We love these new features

News Tech: Microsoft’s latest version has a lot to discover, from productivity tools...

Business Analytics, Data Science, Health Informatics and Tax are among the graduate programs Bryant introduced

News Tech: In order to equip students and working professionals with the advanced...