While 82% of Americans describe the American Dream as
financial security for themselves and their family, 54% think it is
unattainable, MassMutual learned in a survey. Seventy-one percent describe the
American Dream as achieving financial independence.
“Americans believe financial security is at the core of the
American Dream, but it is alarming that so many think it is beyond their
reach,” says Mike Fanning, head of MassMutual U.S. “It is clear people are
taking steps to help secure their financial future and dreams, and more can be
done to help keep the American Dream alive. Starting [to save] earlier appears
to be part of the solution, as ‘not starting early enough’ was the top financial
regret across all consumer groups.”
Those surveyed have an average household income of
$122,626. Eighty-two percent are confident about paying bills and budgeting,
and 74% are confident in their ability to purchase big-ticket items.
Sixty-four have a mortgage that averages $188,795. Fifty-six percent are
carrying credit card debt that averages $10,386, and 26% have student loan debt
To help solve their debt problems, 70% are prioritizing
paying down debt. Other financial priorities include saving as much as possible
(66%) and developing a detailed financial plan (61%).
When it comes to emergency savings, 8% have nothing saved in the event of an
emergency. Eighteen percent have less than one month of expenses saved, 26%
have between one and three months of expenses saved, and 21% have three to six
months of expenses saved in the event of an emergency.
Isobar conducted the online survey for MassMutual among 3,235 people between
January 19 and February 7, 2018.
here for the original article from Plan Sponsor.