118 0 Kommentare In the Face of COVID-19, Primerica Survey Finds American Families Have Mixed Feelings About Personal Finances - Seite 2

More than 80% of families we studied are confident in their knowledge of important financial fundamentals like building good credit, budgeting and saving. However, they are less confident in more complex financial matters like setting up an Individual Retirement Account (IRA) (65% confident), buying life insurance (64%), and investing in stocks (50%). Only 42% know where to find a financial professional who could provide assistance.

How is the pandemic affecting the lives of middle-class families?

The ongoing pandemic has caused 27% of working families to decrease spending and 20% to increase personal debt.
More than 75% of working Americans feel the Coronavirus Aid, Relief, and Economic Security (CARES) Act helped at least a little, but 19% feel it was no help at all. If another government payment is sent this fall, families would use it to pay bills (42%) or pay down debt (34%).

The Value of Professional Financial Advice

Primerica’s Monitor graded study participants based on whether or not they engage in five financial preparedness fundamentals, including saving for their future and protecting their income through life insurance. The average grade was a C, but 21% of those who have met with a financial professional earned an “A” compared to just 8% of those who have not.

About Primerica’s Middle-Income Financial Security Monitor

The Monitor is a quarterly national survey to monitor the financial health of those with annual household incomes of $30,000-$100,000. Change Research conducted online polling from September 25-28, 2020. Using Dynamic Online Sampling, Change Research polled 837 adults. Post-stratification weights were made on gender, age, race, education and Census region to reflect the population of these adults based on the five-year averages in the 2018 American Community Survey published by the U.S. Census. The sampling error is 5%.

About Primerica, Inc.

Primerica, Inc., headquartered in Duluth, GA, is a leading provider of financial services to middle-income households in the United States and Canada. Licensed representatives educate Primerica clients about how to better prepare for a more secure financial future by assessing their needs and providing appropriate solutions through term life insurance, which we underwrite, and mutual funds, annuities and other financial products, which we distribute primarily on behalf of thirds parties. Primerica insured over 5 million people and had over 2.5 million client investment accounts as of December 31, 2019. Primerica, through its insurance company subsidiaries, was the #2 issuer of Term Life insurance coverage in North America in 2019. Primerica stock is included in the S&P MidCap 400 and the Russell 1000 stock indices and is traded on The New York Stock Exchange under the symbol “PRI.”