Edward Jones survey finds financial stability still hard to come by for many Americans

DEWITT, Mich. - June 9, 2021 - PRLog -- Although 46% of Americans feel financially resilient, a variety of life and world events can impact their plans.

Although the COVID-19 pandemic presented a curveball for many families, most Americans (81%) feel in control of their financial situation, according to a study by Edward Jones. When it comes to financial resilience – the ability to withstand or quickly recover from difficult financial situations – almost half of respondents (46%) are confident in their current abilities.

Planning key to achieving financial stability, resilience

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

The COVID-19 pandemic and other challenges from 2020 led many individual investors to rework their financial strategies. Survey respondents shared that they are prioritizing and saving more for personal education opportunities, marriage and the birth of a child. Some have postponed major life events like buying a house (12%), changing careers (10%) and retirement (6%); while still saving for those future moments, many are repurposing funds to cover today's unexpected expenses as a result of the pandemic.

More than half of respondents (53%) are actively contributing to their emergency funds, with 23% stating it's the first access point for immediate funds if faced with financial hardship. Cash (20%) and loans from family or friends (12%) round out the other top access points for immediate funds. That number increases for Zoomers, of which 31% of those born in the late 90s and early 2000s (members of Generation Z) indicated they would access funds through a loan from family or friends.

COVID-19 sparks interest in stocks, financial learning

Interestingly, about 1 in 10 Americans have either increased their investments in stocks and bonds (11%) or started investing for the first time (7%). Often overlooked, financial education can be a valuable tool in driving financial resilience and stability, which some generations are prioritizing more than others. One-third of Millennials (31%) indicated that increasing their financial knowledge is a priority, significantly higher than their older and younger counterparts, including Zoomers (22%), Gen X (22%) and Baby Boomers (14%).

Families, financial advisors trusted sources for guidance

As highlighted during market volatility of 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 survey respondents began working with a financial advisor. However, only a small percentage of Americans (16%) consult with a financial advisor, and primarily lean on significant others (26%) or family and friends (21%) for help when making financial decisions.

Methodology

This survey was conducted by global data intelligence company Morning Consult among a national sample of 2,220 adults from December 8-9, 2020.  For more information, visit www.edwardjones.com/financialfitness (https://www.edwardjones.com/us-en/market-news-insights/in...)