About half of Americans believe they can become financially independent, new survey data shows

DALLAS, June 30, 2022 /PRNewswire/ — Is Achieving the American Dream Possible? According to the results of a recent National Financial Educators Council (NFEC) survey, just over half of Americans still believe they will become financially independent at some point in their lives..

The investigation, which was conducted between June 18 and 23, 2022, measures people’s feelings and attitudes towards money and the level of confidence when making financial decisions. In the United States, adults were asked to rate how much they agreed with the statement, “I will become financially independent at some point in my life.” Response options were ‘Strongly agree’, ‘Agree’, ‘Neutral (neither agree or disagree)’, ‘Disagree’ or ‘Strongly disagree’.

The results show that the hope of financial independence is still alive among Americans: out of 1,506 respondents, 55.4% answered either “Strongly agree” or “Agree” to this question. Only 16.5% said they felt they would not achieve financial independence in their lifetime. The remaining 28.1% answered “Neutral,” indicating that they might be on the fence about this important issue.

Check out the full results here: https://www.financialeducatorscouncil.org/financial-independence-survey/.

These survey results represent good news at a time of inflation and economic turmoil. Apparently, as people deal with job uncertainty, a changing work environment, soaring prices and the stress of debt, many remain optimistic about the fairness of the opportunities ahead. to them to ensure their future.

On the other hand, however, the results also demonstrate that there is room for improvement in Americans’ level of confidence in money management. “The American Dream is rooted in a belief in a better life and optimism for the future, and data from this survey shows that many Americans believe that dream is attainable,” says Vince Shorb, CEO of NFEC. “However, it also indicates that many have given up hope of financial independence. It serves as a reminder of the continued need for advocacy to educate those who otherwise see little or no chance of achieving financial independence.”

Some people’s pessimism about the ability to achieve financial independence may have to do with how the term is defined. Financial independence has been described in various ways, as shown in this article: https://www.financialeducatorscouncil.org/financial-independence-definition/. By one definition, you have achieved financial independence when you accumulate enough wealth to pay for your expenses for the rest of your life. Another definition says it refers to when a young adult no longer has to depend on the financial support of their parents. This wide disparity between definitions can influence a person’s perceptions of their ability to achieve a financially independent position.

Whichever definition we choose, the results of this survey raise both hope for the American dream and concern about the financial capabilities of future generations. Americans need a solid and practical financial education to build their confidence and optimism in order to achieve financial independence. On this Independence Day, the 4th of July, the NFEC encourages people to define what financial independence means to them and identify the steps that will help them achieve this goal.

The National Financial Educators Council is a social enterprise organization that recently received Accredited Provider (AP) status through the International Accreditors for Continuing Education and Training (IACET), the highest accreditation designation for the development of financial education programs.

The NFEC develops tools, training, and resources that help organizations and individuals build financial wellness at the community level. The organization is dedicated to conducting financial literacy research to gain a deeper understanding of personal finance topics and provide the industry with data and professional insights to guide this important movement.

Media Contact:
Trevor Stoll
[email protected]

SOURCE National Council of Financial Educators

About Catherine Wilson

Check Also

‘Friends’ star Matthew Perry talks about new book detailing addiction – The GW Hatchet

Actor and TV star Mathew Perry received a standing ovation at the start of his …