A big salary used to be the primary indicator of financial success for Americans, but that’s not the case anymore.
When Northwestern Mutual asked Americans to define success in a recent survey, having a big salary didn’t even break the top five answers. Instead, nearly half of the respondents agreed that being financially prepared for the future is the best sign of success.
What Does Financial Success Look Like in 2020
Financial success looks a lot like financial wellness in 2020. Not being stressed about finances, having enough money set aside for unexpected expenses and being able to retire when you want to are key indicators of financial wellness, financial preparedness and now, financial success.
Many Americans have a long road ahead of them to achieve their definition of financial success. A new survey by KeyBank identified some of the common money missteps they’re making. Twenty-five percent of Americans confessed to impulse buying. Over 30 percent admitted they don’t have any savings set aside for emergencies. More than 20 percent copped to not contributing to retirement savings.
The good news is 60 percent of Americans are ready to take steps to prevent future money mistakes in 2020.
3 Steps Towards Financial Wellness for 2020
These are the three steps Americans plan to take to get their finances in order and avoid further money mishaps:
- Identify and prioritize “needs” vs. “wants”
- Determine a monthly budget and revisit on a weekly basis
- Educate themselves through financial literacy courses
Financial wellness programs that allow for self-assessment, provide access to budgeting tools and a library of resources employees can use to educate themselves on various financial matters, like Best Money Moves, can help employees take steps towards financial wellness in 2020.
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