The Financial Reality for Working Americans

Kairoswealth

Kairoswealth is a wealth management company that operates on an invitation-only basis. They focus on offering wealth management services and solutions.

We recently surveyed 2,000 working Americans to reveal key truths about their financial lives. Our data reports sobering facts about most people’s struggles to balance budgets, plan for the future, and feel confident in their money management. With economic uncertainty looming in 2024, these survey insights highlight an urgent need for accessible financial guidance.

Why Personal Finance Matters

The survey asked straightforward questions to measure people’s financial capability and retirement preparedness. The results demonstrate widespread financial stress amongst working Americans today:

65% find it challenging to balance their monthly budget
75% feel concerned about unexpected life events impacting them financially
70% have felt overwhelmed by financial planning and investment options
80% worry about saving enough for retirement

This data signals that most working Americans live paycheck to paycheck without adequate safeguards for the future. They feel anxious about their finances yet lack expertise in critical money matters like budgeting, planning for emergencies, navigating investment choices, and saving for retirement.

The consequences of poor financial literacy and preparedness at individual and societal levels are profound. At the individual level, financial struggles negatively impact mental health, relationships, quality of life, and more. 54% of Americans currently live with extreme financial stress and lose sleep over money matters. At the national level, billions are lost in avoidable consumer debt while pension and social safety net systems grow increasingly unstable.

There is an urgent need for accessible financial education and planning assistance to empower everyday Americans to take control of their money. Our financial system has grown increasingly complex, but solutions exist. Partnering with financial experts provides customizable guidance to tackle money obstacles and build confidence. Prioritizing financial capability now leads to greater prosperity and stability for working people nationwide.

Our focus at Kairoswealth is clear: to deliver straightforward, effective wealth management. We're here to guide our clients towards financial security and success.'

Amy Raymond of Kairoswealth

Future Predictions

If strides are not made to improve financial literacy and planning, stresses will compound further:

By 2026, 60% of workers will still live paycheck to paycheck, even earning over $100K
Over 50% of retirees will rely entirely on social security checks, risking poverty in old age
Consumer debt will approach $16 trillion by 2030, slowing economic growth

Lack of retirement planning will burden healthcare and public assistance programs. Skyrocketing costs for elderly care will lead to generational conflicts over resource allocation. Widening inequality and crises of financial instability will test society’s support systems.

Implementing financial literacy programs, making personalized planning services more accessible, and helping Americans balance monthly budgets can lead to better long-term outcomes for all. People seek understanding around credit, taxes, budgeting, investing, insurance, and retirement planning. Financial companies have a chance to build trust by hearing client concerns and demystifying money management.

Prioritizing financial health and confidence-building leads to prosperity for both clients and nation. Our 2024 survey provides a compass guiding where progress must be made next.

Commitment to Financial Empowerment

Acknowledging the widespread need for financial guidance, there’s a significant opportunity to provide tailored support to those struggling with personal finances. Financial services can make a tangible difference in people’s lives by offering education and personalized strategies on budgeting, debt reduction, taxes, investing, and retirement planning.

In response to the clear demand for financial literacy, there is a commitment to expanding educational resources and advocating for policies that improve access to financial guidance. This effort aims to serve those seeking financial stability and confidence, inviting individuals to engage in positive conversations about money and planning for the future.

By empowering individuals with the knowledge and tools for effective money management, we can alleviate financial stress and contribute to a more prosperous future for all.