Lincoln Financial Study Finds Inflation Is the Number One Financial Concern Among Consumers of Every Generation - Seite 2

For example:

• Having enough income in retirement is the #3 ranked concern among all consumers, but 41% of concerned consumers have not discussed or researched ways to address it
• Supporting myself or family if I become disabled or have a chronic illness is the #4 ranked concern, yet 51% of concerned consumers have not discussed/researched

Even those who work with a financial professional are not immune to these concerns, perhaps because of a lack of awareness – just 21% of consumers have sought advice about having enough income in retirement, despite it being their #2 ranked concern. Similarly, while the impact of taxes on retirement savings/investments is the #3 ranked concern, only 28% of concerned consumers have sought advice from a financial professional about how to address this concern in the past 3 months.

“We see a clear opportunity for advisors to address consumers’ top financial concerns head on with their clients. Many may not realize the solutions available to them, so providing education on available support is crucial for maintaining strong client relationships,” said Ralph Ferraro, senior vice president, Head of Retirement Plan Services. “At Lincoln, we understand that preparing for the impacts of inflation and ’what ifs’ that can be barriers to financial success requires personalized support and innovative digital solutions. Our model leverages both to help individuals navigate their financial journey with confidence.”

Throughout the month of April, Lincoln will be posting educational content across its social media channels, providing valuable insights into the report. Consumers looking for guidance and resources on ways to take action towards many of the most common concerns can use Lincoln Financial’s Financial Wellness Toolkit, that provides steps to making a financial plan, tips for preparing for retirement, actionable ways to create an emergency fund for the “what ifs.” The Toolkit is also home to a number of financial calculators that can support a number of financial goals like savings, debt paydown, college planning, compound interest and more.

About Lincoln Financial’s 2024 Financial Concerns Report

The 2024 Financial Concerns Report is made from data obtained by Lincoln’s Consumer Sentiment Tracker, which is a research program that includes quarterly tracking surveys as well as omnibus surveys throughout the year. The goal of this research is to gauge consumer sentiment on a variety of financial topics and examine trends over time.