Source: Lincoln Financial Group study
Fifty-five percent of the U.S. working population feel they are on the “right track” to financial wellness, according to a recent study by Lincoln Financial Group.
What do these “right-trackers” have in common — what behaviors do they share, what is similar in their lives? The researchers examined these questions and tried to identify key factors that lead to financial well-being. They weren’t all directly related to money.
The factors can be viewed in the graphic above; below, Lincoln Financial Group SVP Eric Reisenwitz explains the research:
“The first two factors are fairly traditional,” said [LFG’s Eric] Reisenwitz. Number one: right trackers are likely to have a financial plan in place. He noted “About 70 percent of right-trackers have a financial plan that they are following.” Second is that right-trackers are future-focused. “Ninety-eight percent of right trackers have a forward-looking view and are planning toward that vision,” he continued.
While planning and focus on the future are clearly important to financial well-being, some other contributing factors uncovered by the study are unrelated to money. The third factor is physical health. “About 80 percent of those who feel financially-well exercise on a regular basis, at least once a week,” Reisenwitz continued.
“The fourth factor has to do with emotional health. These right trackers feel very comfortable with their personal lives and their relationships. And importantly, they feel good about their relationships at work and tend to be less stressed.”
The fifth factor Reisenwitz discussed is the use of employee benefits, offered through the workplace. “Individuals who maximize their benefits feel more financially secure,” he said, explaining that the more benefits individuals are enrolled in at work, the better they tend to feel about their financial situations.
A video discussion of the study’s findings can be viewed here.
