The start of a new year is filled with resolutions to make better decisions than the past year. Many of these goals involve finances, but it can be hard to determine how to get started and which goals to prioritize.
According to a new survey from New York Life:
- Only 28 percent of parents report having a financial plan in place to care for their children if something should happen – and the percentage of parents who plan to seek professional help managing finances in the New Year is down.
- Young families most at risk: Millennials self-report that they have only 22% of the life insurance coverage they’d need to protect their loved ones.
- Parents are also less optimistic than last year that children in America will have a better quality of life when they become adults.
- In fact, less than half of parents (44 percent) believe children will be better off, versus a majority (54 percent) in last year’s survey; parents who do plan to seek expert financial advice are substantially more optimistic that children will have a better quality of life than their parents.
Brian Madgett, vice president, New York Life is available to discuss how to alleviate financial anxieties among families in 2019 through protection-first financial planning.