Americans Are Concerned About Their Finances, but Avoid Discussing the Topic
Aviva USA Survey: Financial worries
are a leading cause of stress for Americans
WEST DES MOINES, Iowa -Americans are uncomfortable with their financial situation and don’t even like to talk about it. According to a survey by Aviva USA, in collaboration with Mayo Clinic, most people do not feel comfortable with their financial situation, lack understanding of financial products, don’t feel prepared for retirement and rarely discuss finances.
“Helping people improve their financial well-being and rewarding health-conscious behaviors are some of the reasons we created our Wellness for Life rider, which enables people to save money on their life insurance while also providing them access to wellness resources from Mayo Clinic.”
“Many people choose to ignore rather than address matters related to their financial wellness,” said Mike Miller, executive vice president of sales and distribution for Aviva USA. “Whether retirement age is looming or decades down the road, it’s always prudent to take the necessary steps to be better prepared. Having a conversation, especially with a financial professional, to map out a clear personal plan helps alleviate the stress associated with managing finances.”
The survey revealed that two out of three men report feeling stressed, and their financial situation is the primary contributing factor. The survey also showed that two out of three American women are uncomfortable with their financial situation.
Despite those concerns, only about one in five of those surveyed works with a financial services professional; those who do are 130 percent more likely to feel comfortable with their financial situation than those who do not.
“When someone has serious health concerns, they generally go see a doctor,” Miller said. “If our car isn’t running well, we take it to a mechanic. But for some reason, many Americans let financial worries fester rather than talk to a professional for financial guidance.”
Aviva USA surveyed more than 2,000 U.S. adults on their financial preparedness and health habits to uncover how these factors impact their overall well-being. The survey was conducted by Ipsos, a leading global survey-based market research company.
Among the survey’s additional key findings related to finances were:
– People who work with a financial services professional are more than twice as likely to feel comfortable with their current financial situation as those who do not.
– Just one in three respondents feels they are, or will be, prepared for retirement.
– Forty-three percent of people surveyed who own life insurance said they probably don’t have enough.
– Those who do not own life insurance are 45 percent more likely to feel highly stressed than those who do own life insurance.
“This survey reveals how uncomfortable most people are with their financial position and how closely linked financial concerns are to stress, which contributes to many health issues,” Miller said. “Helping people improve their financial well-being and rewarding health-conscious behaviors are some of the reasons we created our Wellness for Life rider, which enables people to save money on their life insurance while also providing them access to wellness resources from Mayo Clinic.”
Wellness for Life is a unique life insurance program that can reduce out-of-pocket premium costs over time. The cost of insurance charge is discounted if the insured visits the doctor at least every other year for physical exams, and cost savings are even greater if the insured simply maintains his or her weight within a range established at policy issue. Additionally, Mayo Clinic, an internationally renowned healthcare organization, offers supporting resources and expertise to help policy holders manage their health through the Aviva Wellness for Life program. Best of all, premium costs can only go down with the Wellness for Life program and will never increase as a result of doctor visits.
More information about the survey and the most recent television advertisement about Aviva’s Wellness for Life can be found on avivausa.com.
About the survey
The survey was conducted April 19-20, 2012. A national sample of 2,068 adults aged 18 and older were interviewed online. The sample was representative of the general U.S. population based on region, gender, age and household income data from the U.S. Census Bureau. Ipsos is a leading global survey-based market research company that helps interpret, stimulate and anticipate the needs and responses of consumers, customers and citizens around the world.
About Aviva USA
Aviva USA is a sales leader of indexed life insurance and indexed annuities. Headquartered in West Des Moines, Iowa, Aviva USA also has offices in Topeka, Kan., and Melville, N.Y. Aviva USA has approximately 930,000 customers and employs 1,800 people across the country. Aviva USA is part of Aviva plc, the world’s sixth-largest insurance group, and can trace its presence in the U.S. back to 1896.