Only 22% give themselves high scores on financial well-being

Only 22% give themselves high scores on financial well-being

Those who are most likely to feel confident in their financial circumstances include men and wealthy, older and retired individuals. Meanwhile, 21% of respondents gave themselves the lowest scores of 1 to 4. “Americans are telling us that their self-reported financial wellness is low, and they are experiencing a high degree of financial stress,” said Snezana Zlatar, senior managing director and head of financial wellness advice and innovation at TIAA.

Just 22% of respondents ages 18 and up gave themselves the highest scores — a 9 or 10 on a scale of 1 to 10. The financial services company set out to evaluate Americans’ financial wellness – defined as having the means to take care of your family, not worrying about money or debt, or feeling prepared to handle unexpected life events.

More from Personal Finance:What to know about your 2022 Medicare costsHow to appeal income-related Medicare chargesKey considerations if you want a Medigap policy If you’re like most, you wouldn’t give yourself very high marks, according to a survey from TIAA.

While 7 in 10 said they have a budget, just about 25% said they follow a detailed budget. Just 38% have a written financial plan and only 16% of people had created one with a professional. There are holes in people’s preparation, even for those with the highest financial wellness scores, the survey found.

In the past two years, 37% of respondents said their financial wellness has increased, 42% said it stayed the same and 21% said it had decreased. The online survey was conducted between Oct. 22 and Nov. 3 of last year. It included 3,008 respondents.

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