Barnum Financial Group is dedicated to empowering Americans in the workplace to achieve their financial goals. We understand the complexities of navigating today’s financial landscape, and we’re committed to providing the guidance and resources needed for success.
It’s with this commitment that Barnum conducted this study, hoping to uncover pockets of knowledge for our financial advisors and their clients.
This comprehensive study delves into the evolving financial behaviors of American workers across a variety of factors, including generational, house-hold income, gender, and employment status and more!
The Methodology
A 25-question survey was completed by 1,000 U.S. participants. These people ranged in age from 18-70, who were currently employed full-time or part-time with a total annual household income greater than $75,000.
The sample size spanned generations, location and gender. Younger Millennials and Older Millennials matched with 17%, with Gen X leading the way with 28%. Gen Z (20%) and Boomers (19%) were represented in thus study as well.
Gender representation in the study was a near even split — Males at 49% and Females at 51%. The nation featured more participants in the South (37%) and less in the Northeast (18%) with the Midwest (22%) and West (23%) nearly the same.
What We Covered
We explore emerging financial needs and discuss what products and services will be most relevant to working Americans in the next 1-3 years, considering changing economic realities.
We recognize that client pain points are crucial. The study will identify:
- Client Frustrations and Fears: What specific anxieties and unmet needs do Americans in the workplaces face when navigating their finances?
- Causes of Client Dissatisfaction: We’ll analyze products, tools, and features that lead to frustration or a switch to another advisor. By understanding these challenges, Barnum can develop solutions that:
- Address client anxieties and build confidence in financial decisions.
- Simplify financial planning with user-friendly tools and clear communication.
How the Study Can Help
With the knowledge of financial behaviors and the causes of client concerns, this study will highlight specific scenarios, strategies, and resources to equip Barnum Financial Group advisors with the tools to:
- Drive Client Awareness and Engagement: We’ll identify the most effective ways to connect with all clients, fostering trust and building long-term relationships.
- Increase Product Adoption and Satisfaction: By understanding client preferences, advisors can offer the most relevant financial solutions, leading to greater satisfaction and financial security.
- Expand Client Portfolios: The study will explore how advisors can effectively introduce clients to a wider range of products, ensuring their financial plans are comprehensive and adaptable.
Check it Out!
The study is available for you on the Barnum Financial Group website. For financial advisors, comb through the data to discover how you can better help your clients with their financial needs.
For potential clients, the information in this study solidifies what we here at Barnum have known all along. Our advisors have their fingers on the pulse of how to help their clients. Much of the information in this study produces more nods than head-shakes.
