Approximately 70 percent of Americans who consider themselves to have a significant amount of financial discipline noted that they felt secure with their financial situation, according to a report from Northwestern Mutual. Slightly more than half of respondents who felt they were relatively disciplined said the same thing. Just 34 percent of those who planed informally for their financial situation were feeling secure, and 17 percent of those who didn’t plan at all said the same.
A total of 91 percent of the most disciplined of those creating financial strategies felt they would be comfortable in retirement, while just 63 percent of those who didn’t plan said the same, the report showed.
“Happiness can’t be bought, of course, but it can be planned for,” said Greg Oberland, executive vice president at Northwestern Mutual. “The links between discipline, financial security and happiness are quite distinct. There’s some powerful evidence to suggest that the small steps you take today can make a real difference tomorrow.”
However, many Americans may need work regarding their finances. The report explained that just 18 percent thought their financial strategizing was as disciplined as it could be. Only 36 percent noted that their methods were disciplined at all, and 46 percent don’t participate in much or any planning.
Some Americans worry about financial standing
While there are a number who are trying to become more financially secure, some individuals may need some help. According to a report conducted by the Harris Poll for the American Institute of CPAs, a total of 74 percent of Americans felt they were either no different or in a worse financial position than in 2013.
“With slightly more than half of U.S. adults expressing little to no stress about their increasingly difficult financial circumstances, it seems that many Americans are reconciled to an uphill financial battle and that financial juggling and sacrifice will be a part of the foreseeable future,” said Ernie Almonte, chair of the National CPA Financial Literacy Commission at AICPA.
Approximately 44 percent of those polled felt that their financial stress levels were high, the report showed. Another 12 percent felt that dealing with daily expenses was their biggest worry.