Nearly 2,000 Americans Shared Their Thoughts, Feelings, and Perceptions on Money, Planning, and Wealth Management. Here's What They Said...
- Clariata
- Feb 15
- 3 min read
Fidelity's 2024 State of Wealth Mobility Study examined Americans' (U.S. Residents age 18+) perspectives on money, planning, and financial/wealth management highlighting key trends and insights.
Changing Attitudes Toward Financial Discussions
Family Conversations: Historically, over half of Americans (56%) did not discuss finances with their parents during childhood. Today, 83% recognize the importance of talking about money management with children, and 67% are actively engaging in these discussions.
[This was exciting for us to see and exactly what's needed. Families need more communication about money, not less. Luckily, our framework makes money talks simple and straightforward. We also provide a proven decision-making approach that virtually eliminates the number one source of conflict (money) in most relationships.]
Perceptions of Wealth
Self-Assessment: Despite 89% of Americans not considering themselves wealthy, 35% believe they will achieve wealth in their lifetime. Markers of wealth vary, with 59% of those not living paycheck to paycheck viewing it as a sign of wealth, and 56% associating homeownership with wealth.
Strategies for Achieving Wealth
Common Approaches: Among those who consider themselves wealthy, 40% attribute their success to strategic investing, 37% to saving from a young age, and 32% to consistently saving a portion of their paycheck.
Impact of Financial Planning
Confidence Boost: Having a financial plan significantly enhances confidence. 78% of individuals with a plan feel confident they've taken the right steps to build and protect their wealth, compared to 26% without a plan.
[This was also exciting...why aren't more advisors talking about this??]
Awareness of Financial Services
Misconceptions: Many Americans believe certain financial services are exclusive to the wealthy, including trust accounts (39%), estate plans (31%), brokerage accounts (29%), and human financial advisors (28%).
[Most American's think the solutions offered by financial, wealth, and legal advisors are not for them. And most wealthy people in America don't believe or feel they are wealthy. A true quagmire.
Clariata offers a non-intimidating approach that invites all family members (non-financial partner, children, grandchildren, etc.) – even those who typically avoid these types of meetings and events – into the conversation. After the first Clariata meeting, most non-participating family members leave feeling heard and excited.]
Engagement with Financial Advisors
Advisory Relationships: 31% of Americans would consider working with a financial advisor. Among those who do, 25% sought advice due to complex financial needs, and 25% due to changes in family status.
[Clariata gives you an easy way to engage and excite those who are interested, making it easier than ever to bring in new clients.]
Prioritizing Wealth Utilization
Post-Essential Expenses: After covering essential expenses, Americans prioritize building an inheritance for heirs (50%), having fulfilling experiences like travel (44%), and investing in personal health (43%).
[It's interesting they prioritize these activities but rarely discuss them with their family members.]
Optimism for the Future
Positive Outlook: While 88% of Americans believe setting financial goals is important, 72% feel their financial aspirations are achievable. Additionally, 81% believe access to financial education and tools has improved compared to 30 years ago.
[They are right and this is only going to continue to get better!]
These findings underscore a growing openness to financial discussions, a focus on strategic planning, and an optimistic outlook on achieving financial goals among Americans.
They also indicate that now is not the time to be standing still. Now is the time to take action – to take advantage of today's rapidly shifting marketplace – to make sure you're connecting with your clients in meaningful ways and staying relevant in their lives and the marketplace.
Want to know more about how Clariata can help you capitalize on these key findings and turn them into competitive advantages?
Related Articles:
From Investopedia – Nearly 70% Millionaires Don't Feel Wealthy, Survey Finds
From MarketWatch – Millennials are finally joining the 401(k) millionaires club. Here’s how they got here. In the third quarter, the overall number of 401(k) millionaires rose by 9.5%. Here’s what they have in common.
From Investopedia – Did Your Family Talk About Money? Today's Parents Do
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