[December 05, 2018] |
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New Citizens Bank Survey Finds Emotional Benefits of Financial Planning Makes Plans Stickier for Consumers, and Starting Early Boosts Financial Confidence
Financial plans are a critical but underutilized component of financial
management, according to a new survey from Citizens Bank Wealth
Management and Mintel. The survey, which evaluated consumers' financial
planning attitudes and behaviors, found that only 55 percent of adults
have a firm financial plan, but of those without a plan, three-in-four
people recognize the need for one.
Fear is often a barrier to planning, but those with a financial plan are
more confident and positive about their current and future finances than
those without one highlighting one of the many emotional benefits of
having an organized approach. Planners reported a high level of
confidence (87%) and a positive outlook on their financial security
(75%). Leading drivers of this confidence were starting a plan early in
adulthood, the long-term focus and discipline of having a plan, and
meeting often with an advisor to stay updated on financial issues.
Nearly three quarters of respondents cited the personal satisfaction of
being organized for their future as their primary reason for sticking to
their financial plan, with a centralized location for managing finances
ranking second (63%), underscoring the impact of organization on
financial peace of mind.
"With the tremendous impact your financial wellness has on your overall
wellness, we view financial plans as an essential tool in alleviating
some of the anxieties around financial security," said John Bahnken,
president of Citizens Bank Wealth Management. "For many, it's a
challenge to shift the balance from the fear-based attitudes about
finances to the wellness benefits rooted in positive emotion and
personal satisfaction. People often underestimate the benefit of
something as simple as being organized, and this survey has demonstrated
that it really can transform your thinking and your commitment to
following through on your plan."
Additionally, gender appears to play a role in both attitudes about
financial planning and expectations around advisory relationships.
One-in-three women believe financial planning should begin in early
adulthood, compared to one-in-four men; however, women were less likely
than men to have a firm financial plan (53% compared to 59%) and felt
less financially secure (59% compared to 70% of men). When working with
an advisor, women tend toplace greater emphasis on relationship factors
than men. They were more likely to consider a tailored plan aligned to
their preferences (71%) and a consistent engagement with plan revisions
(58%) as the most important factors in an advisory relationship.
"This research has pointed to several ways we can help women achieve
greater financial confidence and security," said Maggie Wall, head of
Premier Advisory at Citizens Bank Wealth Management. "Women want to be
part of the process - to collaborate, to see options that reflect
they've been heard, and to be given the tools to understand and make
informed decisions about those options."
Survey Methodology On behalf of
Citizens Financial Group, Mintel conducted a nationally representative
online survey of 1,648 consumers in October-November 2018. All
respondents were financial decision-makers for their household and
between the ages of 25 and 74.
About Citizens Bank Wealth Management Citizens
Bank Wealth Management provides integrated banking and investing
services to clients to help them grow and protect their wealth, and plan
for retirement and other long-term financial objectives. Citizens Bank
Wealth Management includes a brokerage arm, Citizens Investment
Services, as well as Premier Advisory and Citizens Private Wealth
Management, which serve the affluent and high net worth client segments,
respectively. Citizens Private Wealth Management delivers comprehensive
private banking, financial planning, investment management and trust and
estate planning services. Collectively, Citizens Bank Wealth
Management's approximately 900 colleagues are focused on delivering
comprehensive wealth management services across the firm's major markets.
About Citizens Financial Group, Inc. Citizens
Financial Group, Inc. is one of the nation's oldest and largest
financial institutions, with $158.6 billion in assets as of September
30, 2018. Headquartered in Providence, Rhode Island, Citizens offers a
broad range of retail and commercial banking products and services to
individuals, small businesses, middle-market companies, large
corporations and institutions. Citizens helps its customers reach their
potential by listening to them and by understanding their needs in order
to offer tailored advice, ideas and solutions. In Consumer Banking,
Citizens provides an integrated experience that includes mobile and
online banking, a 24/7 customer contact center and the convenience of
approximately 2,900 ATMs and approximately 1,150 branches in 11 states
in the New England, Mid-Atlantic and Midwest regions. Consumer Banking
products and services include a full range of banking, lending, savings,
wealth management and small business offerings. In Commercial Banking,
Citizens offers corporate, institutional and not-for-profit clients a
full range of wholesale banking products and services, including lending
and deposits, capital markets, treasury services, foreign exchange and
interest rate products and asset finance. More information is available
at www.citizensbank.com
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View source version on businesswire.com: https://www.businesswire.com/news/home/20181205005123/en/
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