When it comes to feelings about finances, working Americans are practically divided, according to a recent study.
Fifty-five percent of working Americans feel they’re on the right track to achieving financial well-being, while another 45 percent feel they aren’t going in the right direction, according to a 2016 Lincoln Financial Group Measuring Optimism, Outlook, and Direction (MOOD) American study .
So what do people on the right track do very good? The study found five main factors — behaviors and influencers — in their lives that correlated with positive feelings about money.
“Right trackers” differ from their off-track counterparts because:
• They’re more likely to make a formal financial plan—more than 70 percent, in fact.
• They are forward-looking in general, with nearly 100% saying they’re focused on the future. Also, 90 percent of those on the “right track” camp say they feel in charge of their lives.
• They exercise more. Those who have positive feelings about money tend to be active. About 80 percent of this group exercised at least once a week, and frequently more often. Compare that to those who aren’t on the right track — only 60 percent of the segment is consistently successful. Physical health can be correlated with financial health.
• They are more likely to feel good about themselves. Financial health and emotional health also go hand in hand. Those on the right track are more likely than their peers to say they’re optimistic because they feel good about themselves and their relationships with family and friends. They are also positive about their careers and their relationships with co-workers.
• They take advantage of benefits at work. Indeed, the more benefits you get through your workplace, the better you’ll feel financiallyresearch advice.
Beyond medical insurance and retirement savings, “right-hand trackers” enroll in insurance coverage to cover dental and vision care, in addition to life insurance and disability insurance (which can help replace part of your paycheck while you recover from injury or sickness). They also take advantage of other non-medical benefits that can help increase financial security, such as accident insurance and demanding sickness insurance, which can help cover expenses that aren’t covered by medical insurance, such as high deductibles, or everyday expenses such as paying for food or the mortgage.
The future is unknown, but certain insurance coverage offered at work can help protect you from a wide range of unexpected expenses, and can help you feel and be more financially secure. This is something to consider during the annual open enrollment for medical insurance and beyond.
For more insights and tips to help you take control of your financial future, follow the Lincoln Financial Group on Facebook, Twitter or LinkedIn.
Feeling good about your finances is about the big picture, not just your bank account. From a healthy lifestyle to a positive attitude, taking cues from those who are on the “right track” can help you on your way to financial well-being.
Article provided by Statepoint, PHOTO SOURCE: (c) Maridav – Fotolia.com
