A new consumer survey by Voya Financial’s Annuities and Individual Life businesses reveals that many Americans might be willing to risk their financial security to keep some of their most-valued items.
In fact, nearly half (45%) of Americans surveyed were willing to give up their financial security if it meant keeping either their smartphones, cars or vacations.
“We all value the things that make our lives easier, more productive and give us joy — like spending vacation time with family and friends,” said Carolyn Johnson, CEO of Annuities and Individual Life at Voya Financial. “And while the goal of achieving financial security may feel daunting or perhaps even unreachable, Americans recognize its importance. The good news is — with some planning and guidance from the right resource — protecting our families, our income and our financial future is something we can all achieve.”
Voya’s survey examined which of the following items Americans would be least willing to give up: their financial security, smartphones, cars or vacations. Key findings include:
• 53% of Americans would be less willing to give up their financial security than to give up their smartphones, cars or vacations.
• 16% of Americans would be less willing to give up their smartphones than to give up their financial security.
• 15% of Americans would be less willing to give up their vacations than to give up their financial security.
• 14% of Americans would be less willing to give up their cars than to give up their financial security.
Every generation prioritizes financial security differently
Surprisingly, Voya’s survey found that Baby Boomers are more attached to their smartphones than Millennials — and Millennials are the least willing of all generations to give up their financial security. In addition, men and women were fairly well matched, with a few exceptions.
- Millennials: 56% of Millennials surveyed said they were less willing to give up financial security to keep their smartphones, cars or vacations — more than any other generation (53% of Gen Xers and 50% of Boomers selected financial security).
- Baby Boomers: 20% of Boomers surveyed choose to keep their smartphone and forgo their financial security — more than any other generation (15% of Millennials and 14% of Gen Xers selected their smartphones).
- Gen X: Gen Xers were the least likely of all generations to give up their vacations to keep their financial security; 20% of Gen Xers selected vacations versus 14% of Boomers and 13% of Millennials.
- Men: Males were less willing than females to give up their smartphones (21% vs. 12%) — even if it meant losing financial security.
- Women: Women were slightly less willing to give up their financial security than men (56% vs. 51%).
“We understand no one wants to sacrifice modern conveniences like our smartphones and cars to plan for retirement. Fortunately, this is where closely working with a financial professional can help every generation create a holistic plan that works for their lifestyle today, while also preparing them for tomorrow,” Johnson said. “A financial professional can suggest solutions to help all Americans see financial security could be within their reach.”
For more information, visit voya.com and Voya’s Retirement Planning by Age website at voya.com/planning-advice/retirement-planning-by-age.