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.”