MINNEAPOLIS, Feb. 11, 2025 ~ According to a recent survey conducted by Thrivent, a financial services organization, many Americans are facing widespread financial concerns but have not taken the necessary steps to address them. The survey, titled "Financial Fitness Survey," focused on the financial skills, knowledge, and confidence of Americans when it comes to long-term financial planning and paying off debt.

The survey found that more than half of Americans (53%) are worried about their ability to retire when they want. However, only 28% of Americans reported that they are currently saving for retirement. Similarly, 48% of Americans expressed concern about their debt, but only 36% have plans to prioritize paying it off this year.

Thrivent Financial Advisor Sarah Hamlen believes that a lack of financial confidence may be the reason for this inaction. She stated, "Good money management starts with confidence." Hamlen suggests seeking professional financial advice, developing and managing a budget, and taking actionable steps towards retirement planning as fundamental moves anyone can make to improve their financial fitness.

The survey also identified some key areas where Americans can improve their financial fitness:

- Seek Financial Advice: The survey found that nearly 3-in-10 (29%) of Americans do not seek out any form of financial advice. Only 22% rely on a financial advisor for guidance.

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- Rely on Experts: Younger generations are more likely to turn to friends and family for financial advice rather than seeking professional help. The survey found that 42% of Gen Z and 47% of Millennials get their financial advice from friends and family compared to only 37% of Gen X and 27% of Baby Boomers.

- Stick to a Budget: Baby Boomers, who are more likely to live on a fixed income, were found to be more likely to follow a budget compared to other generations. Only 32% of Gen Z, 36% of Millennials, and 36% of Gen X regularly create and follow a budget, while 44% of Baby Boomers do the same.

- Build an Investment Strategy: The survey also revealed a gap in investment strategies between men and women. While 35% of Americans reported not having an investment strategy, 43% of women said they do not have one compared to 27% of men.

To help improve overall financial fitness, Thrivent offers three tips:

- Create a Training Plan for Success: Just like physical fitness, financial fitness can be achieved with a plan. A financial advisor can assist individuals in developing an actionable financial plan that outlines their short- and long-term goals, sets savings targets, and determines a contribution plan to fund those goals.

- Grow New Financial Literacy Muscle Over Time: Consistency is key when it comes to building muscle, and the same goes for financial literacy. Thrivent suggests choosing a new personal finance topic each month and seeking out resources to learn more. This can help individuals better understand their investment objectives, risk tolerance, and time horizon when making decisions with their financial advisor.

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- Sprint Toward Retirement Savings by Starting Today: While the best time to start saving for retirement may have been 10 years ago, the second-best time is today. Thrivent advises working with a financial advisor to automate retirement contributions, take advantage of employer-sponsored matches, and find ways to unlock more savings through better planning.

The survey was conducted online by Morning Consult from December 5th to December 12th in 2024 among a total sample of n=2200 adults aged 18 and over. The results were weighted to reflect the U.S. general population on key demographic aspects such as gender and age. In addition to the general population, oversamples were conducted in Atlanta, Chicago, Houston, Los Angeles, and Minneapolis. The margin of error for the total sample is +/-2%.

In conclusion, Thrivent's Financial Fitness Survey highlights the need for Americans to improve their financial skills, knowledge, and confidence. Seeking professional advice, relying on experts, sticking to a budget, and building an investment strategy are all crucial steps towards achieving financial fitness. With the right plan and consistency, anyone can improve their financial well-being and prepare for a secure future.

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