Driven by the COVID-19 chaos, health and wellness is now Top priority for the majority of Americans in Y 2021, according to the annual New Year’s Resolutions Study conducted by Allianz Life Insurance Company of North America.
This is not a surprise given the physical and mental health challenges resulting from the medical emergency chaos, and fewer people say they plan to focus on their finances in the New Year.
With 70% Americans identifying COVID-19 mania as the most worrisome threat of Y 2020, it follows that 57% said health and wellness is their Top focus for Y 2021 up from 51% last year.
Also, the Allianz (ALV.DE) study found that just 13% of respondents said they are including financial planning as a resolution for Y 2021, the lowest percentage since Y 2009.
“This has certainly been a unique year fraught with unforeseen challenges, but it is still surprising to see people even less focused on finances, particularly given high unemployment, forced early retirements, and other risks to financial security that many experienced in 2020,” said the VP of Advanced Markets and Solutions, Allianz Life.
She went on to say that: “There is no doubt that there is great value in improving one’s health and wellness, but now more than ever, financial health needs to remain top of mind. Poor money management can negatively affect your health because of the stress that can be caused by fretting over impacted financial plans. It does not need to be a Catch-22 though, as it is completely possible to address both personal and financial health in 2021.”
Increased stress is an underlying area of concern, as 61% of Americans said they were more stressed this year, more than 2X those who said they felt more stressed in Y 2019.
Despite so few saying they will include financial planning in their resolutions for Y 2021, not all of the financial planning news is gloomy. As 88% of Americans expect their financial situation to improve rather than 12% say get worse, and 37% said they reduced their overall spending since the start of the COVID-19 chaos.
Most of The People want to put Y 2020 in the rear view mirror.
But, if Y 2020 taught them anything, it emphasized the reality that anything can happen at any time aka a Black Swan, and they must be prepared for the unexpected.
Financial professionals can be a huge benefit in helping people identify risks to their finances and prepare accordingly. So, stay tuned in the HeffX-LTN for solid directions in all financial markets and,
Eat healthy, Be healthy, Live lively