According to a recent WalletHub survey, nearly four in ten Americans plan to make a financial resolution this year, following only personal health and weight loss goals for the top trending New Years resolutions.
So let’s talk about it. Many people automatically consider their personal health to be a part of their DNA. It’s probably why this is annually the number one new year’s resolution. But what about your personal finances?
Your financial wellbeing, or as we like to call it at Chase – your financial health – needs to become a part of your DNA.
In a separate survey conducted by One Poll for Chase, more than 80% of people say that having savings gives them confidence to lead their best life.
When it comes to savings, starting small and starting now can go a long way. If you’re unsure of how much money to set aside, setting up your bank account with a regular auto-save feature is an easy first step.
Autosave is a way to automatically deposit funds into a savings account, with as little or as much as you want. In the last year at Chase, we’ve already helped more than one million of customers achieve more than $1 billion in combined savings and we are encouraged by these results.
Imagine the impact if you make the right decisions with your own earnings
This is possible with everyone no matter where you fall on the income spectrum. Consumers ages 18-65 with household incomes of $25,000 to $100,000 represent 65 million or 52% of all US households.
But consider that your financial health is so much more than savings, paying off your bills and managing credit.
It’s all about the power of bringing that together to work well for you.
We recognize that everyone’s money story is different. But what is common across the board are peoples’ desire to save more, spend thoughtfully, borrow wisely, and plan for the future.
Financial health is about building a peace of mind
Being financially healthy is how you can manage the day-to-day, plan for a rainy day and think about the future.
Admittedly, it’s very hard to think past a week or even beyond a month from now. Consider that even when you look at people who make over $100,000, 10% of them still live pay check-to- pay check today.
So no matter who of our customers that we talk to about financial health, the number one issue is always about savings. Why is that?
The price isn’t always right
There are four key drivers that we look at to determine your financial health: saving, spending, borrowing and planning.
These are the indicators that help you think about whether or not you’re financially healthy.
Savings is the most important predictor and number one issue with our customers because of the normal fluctuations that happen in life.
– More than one in five Americans are not saving on a monthly basis and more than 45% do not have enough money saved for a $400 emergency.
– More than 60% of all Americans experience some form of financial shock over the course of a 12 month period. That could be something as common as having to deal with a fender bender or something like when your air conditioner breaks down in the height of a summer heat wave.
Your financial health is personal, for everyone. And different for everyone.
Whether you make less than $35,000, earn more than $100,000, or live paycheck to paycheck, all of us face financial challenges. It touches all of us.
And that is why you need to make your financial health a part of your DNA.
It’s about getting healthy and living a thriving life. That’s how you win.
Over the next few months, we’ll be providing regular financial health columns here in the Los Angeles Sentinel to help you get in the best financial shape for this year and beyond.
If you want to get started on your financial goals right away, Chase branches across Los Angeles and California are hosting Chase Chats – a series of informational events — with tips and information on how to get started.
Let’s make 2020 your best year yet!