Thrivent Survey Finds Troubling Gap Between Americans' Financial Fears, Actions

New data reveals only 30% of Americans are currently very confident in managing their finances.

MINNEAPOLIS, Feb. 11, 2025 /PRNewswire/ -- Thrivent's new Financial Fitness Survey finds many Americans have widespread financial concerns but haven't taken the necessary steps to address them. This includes boosting their financial skills, knowledge, and confidence, especially when it comes to long-term financial planning and paying off debt.

The survey found more than half of Americans (53%) are very or somewhat worried about their ability to retire when they want. Yet just 28% of Americans say they are currently saving for retirement. Similarly, 48% of Americans are concerned about their debt, yet just 36% are planning to prioritize paying off their debt this year.

A lack of financial confidence could be the reason for inaction, and it is worst among the youngest generation. Gen Z (21%) are the least likely to report they are very confident managing their finances compared to Millennials (26%), Gen X (29%), and Baby Boomers (38%).

"Good money management starts with confidence," said Thrivent Financial Advisor Sarah Hamlen. "I believe seeking professional financial advice, developing and managing a budget, and taking actionable steps toward retirement planning are fundamental moves anyone can do to meaningfully improve their financial fitness."   

The new survey identified a few key opportunity areas:

• Seek Financial Advice: Lower confidence could stem from not receiving professional advice. Nearly 3-in-10 (29%) of Americans don't seek out financial advice from any source and only 22% rely on a financial advisor for advice.
• Rely on Experts: Younger Americans are more likely to turn to familiar faces for financial advice versus a professional expert – 42% of Gen Z and 47% of Millennials get financial advice from friends and family, compared with 37% of Gen X and 27% of Baby Boomers who said the same.
• Stick to a Budget: Baby Boomers, who are also more likely to live on a fixed income, are more likely to follow a budget than other generations. Only 32% of Gen Z, 36% of Millennials, and 36% of Gen X regularly create and follow a budget compared with 44% of Baby Boomers.
• Build an Investment Strategy: There is a clear investment strategy gap between men and women. While more than a third (35%) of Americans report they don't currently have an investment strategy, 43% of women say they don't have one compared to 27% of men.

Here are three tips from Thrivent on how to improve overall financial fitness:

Survey Methodology
Thrivent's Financial Fitness Survey was fielded online by Morning Consult from 12/05/24 through 12/12/24 among a total sample of n=2200 adults 18+ (weighted to U.S. general population on key demographic aspects such as gender, age, etc.) with a total audience margin of error of +/-2%. In addition to general population, oversamples of the following MSAs were fielded and weighted to their respective demographic make-up: Atlanta (N=990; MoE +/- 3%), Chicago (N=992; MoE +/- 3%), Houston (N=990; MoE +/- 3%), Los Angeles (N=991; MoE +/- 3%), Minneapolis (N=998; MoE +/- 3%). Some questions for this survey were shown to a sub-set of respondents, thus base sizes and margin of error may vary by question.

About Thrivent
Thrivent is a diversified financial services organization that helps people achieve financial clarity, enabling lives full of meaning and gratitude. Thrivent and its subsidiary and affiliate companies serve more than 2.4 million clients, offering advice, insurance, investments, banking and generosity products and programs online and through financial advisors and independent agents nationwide. Thrivent is a Fortune 500 company with $179 billion in assets under management/advisement (as of 12/31/23). Thrivent carries ratings from independent rating agencies which demonstrate the strength and stability of the organization, including an A++ rating from AM Best; an Aa2 rating from Moody's Investors Service; and an AA+ rating from S&P Global Ratings. Ratings are based on Thrivent's financial strength and claims-paying ability, but do not apply to investment product performance. For information on these ratings, visit the rating agency's website. Dividends are not guaranteed. For more information about Thrivent, visit Thrivent.com or find us on Facebook, Instagram and LinkedIn.

About Morning Consult 
Morning Consult is a global decision intelligence company changing how modern leaders make smarter, faster, better decisions. The company pairs its proprietary high-frequency data with applied artificial intelligence to better inform decisions on what people think and how they will act. For more information, please visit morningconsult.com.

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SOURCE Thrivent