01/28/2020
Financial Stress Tops Concerns for Consumers Going into the New Decade, According to Latest Survey by Citizens Bank
BOSTON, MA – January 28, 2020 – Well considered financial plans are an essential part of consumers feeling positive about their physical and mental wellbeing, according to a new survey from Citizens Bank Wealth Management. The survey evaluated consumers’ financial planning attitudes and behaviors, revealing that those who currently have a financial plan in place are more often happy (45% daily), healthy (40% daily) and physically fit (27% daily) than those without financial plans. They also experience lower stress levels than those without a plan (42% vs 36%). The survey also found that those with financial plans were able to give to a cause they care about, with 36% citing this as a positive impact of their finances vs. 29% for those without plans.
Financial wellbeing has become a growing priority across the industry in recent months, with rising anxiety caused by financial concerns impacting both physical and mental states. According to the American Psychological Association, financial stress is one of the most commonly cited personal stressors for adults, especially around significant life events such as buying a home, having children and retirement.
Among its findings, the Citizens Bank survey revealed that while more consumers are planning for their financial futures, up from 55% in 2018 to 70% in 2019, financial concerns still impact more than a quarter (28%) of respondents’ mental wellbeing on a weekly basis or more. Similarly, dealing with unexpected expenses, such as those related to healthcare and home repairs, is rated more stressful (61%) on average than dealing with all other financial situations.
“These latest survey findings show that financial stress is a real issue in modern America,” said Jason Friday, Head of Wealth Management Planning at Citizens Bank. “The start of a new year offers the perfect time for everyone to reassess and reboot their financial health. Whatever your income level, a financial plan allows individuals to better control day to day finances, meet financial goals and most importantly, have some financial freedom to enjoy life.”
Survey Methodology
On behalf of Citizens Financial Group, Mintel conducted a nationally representative online survey of 1,657 consumers in August 2019. All respondents were financial decision-makers for their household and between the ages of 25 and 74 with an annual household income of more than $35,000.
About Citizens Bank Wealth Management
Citizens Bank Wealth Management provides integrated banking and investing services to clients to help them grow and protect their wealth, and plan for retirement and other long-term financial objectives. Citizens Bank Wealth Management is comprised of both banking and brokerage affiliated companies. Citizens Private Wealth Management delivers comprehensive private banking, financial planning, investment management and trust and estate planning services. Collectively, Citizens Bank Wealth Management’s approximately 900 colleagues are focused on delivering comprehensive wealth management services across the firm’s major markets. Citizens Bank Wealth Management is comprised of both banking and brokerage affiliated companies.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $165.7 billion in assets as of December 31, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
Contact: Steve Brownell
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