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By Dr. David Edward Marcinko MBA MEd
SPONSOR: http://www.CertifiedMedicalPlanner.org
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FINANCIAL HEALTH
Classic Definition: Research from Ernst-Young [Nikhil Lele and Yang Shim] uncovered a chasm between how consumer patients think they’re doing financially, and the actual state of their finances. Even more striking, their study suggested that improving consumers’ financial health will become one of the top imperatives in reframing consumer financial services.
Modern Circumstance: For example, the study asked consumers to rate their own financial health, and 83 percent rated themselves “good,” “very good” or “excellent.” Now, contrast this figure with what is known about their actual situation:
- 60 percent of Americans say they are financially stressed.
- 56 percent of Americans have less than $10,000 saved for retirement.
- 40 million American families have no retirement savings at all.
- 40 percent of Americans are not prepared to meet a $400 short-term emergency.
Paradox Example: Fortunately, even though the vast majority of consumers rate themselves as financially healthy, the study found that most still want to improve. Importantly for health economists, the attractive 25-34 and 35-49 year-old age groups were most likely to be extremely or very interested in improving their financial and economic health.
Paradox Example: Massively affluent consumer patients are even more interested in improving this paradox than their mass market counterparts.
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Filed under: "Ask-an-Advisor", Accounting, CMP Program, economics, finance, Financial Planning, Funding Basics, Glossary Terms, Taxation | Tagged: CFP, CMP, consumers, ernst-young lele, finance, financial paradox, financial planners, Financial Planning, Marcinko, paradox, patient, yang shim | Leave a comment »
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