A New Year’s resolution we can all support
Hello everyone and happy February!
Earlier this month, a friend asked me if I had a New Year’s resolution and if I was still working towards that goal or had I already forgotten about it.
It got me thinking, how many people really set a New Year's resolution?
Did you know over 38 percent of U.S. adults set a New Year’s resolution every year?1 Not very many people actually keep their resolution (9 percent), but hey, it’s a new year; it’s time to reflect and strive to do things differently, better, right?1
So, what are people striving to do better in 2023? To no surprise, the top few resolutions on the list have to do with being healthy and losing weight, but number four is “Save more money.”2
According to a LIMRA financial wellness study, about 1/3 of adults are financially “unwell” or financially stressed.3 They define financial wellness as being confident in one’s financial situation, able to withstand unexpected expenses and actively planning/acting for a financially secure future.3 But according to Business Wire and a Lincoln Financial Group study, one in three Americans surveyed indicate they are struggling to make ends meet financially or are in financial trouble and they don't feel that things will get better this year.4
So, if people are just struggling to make ends meet, how will they save more money?
This is where you come in. You can strengthen the relationship with your members by helping and guiding them during this challenging financial time.
Make it easy to use your products
In a recent LIMRA report, Michael Simonds, COO of Unum Group, said the best way to engage customers is to actively listen to their needs and concerns. They’re looking for ease of use in all of their products.5
Be a champion for financial education
“People don’t know they’re making poor decisions because they don’t have good fundamentals around money and financial matters, which creates a ripple effect within families and communities” – Mike James, EVP, Head of Life & Wealth, NFP.5
Insurance can help
You might think - if someone can’t afford their day-to-day expenses, why would they buy insurance right now? Insurance offers protection from the unknown and as we’ve learned in the past few years, there is a lot of uncertainty out there. Consumers realize the value and importance that products like life, disability and involuntary unemployment insurance bring to their overall financial wellness. While they might not have the extra funds they’d like right now, what would happen to their finances if they were laid off or couldn’t work because of a disability?
Maybe we should all make it our resolution this year to be a champion for financial education.