Americans set sights on the long-term

However, Americans may not be practicing what they profess they believe. The study found that 23 percent of American would like to invest more conservatively but fail to do so because they feel they have catching up to do. Among that group, half say they need to catch up due to unexpected expenses while 47 percent say it is because of debt. Thirty-seven percent say it is because of an initial lack of adequate long-term planning.

The study also found that people ages 55 and older believe the best financial decisions they ever made include:

• 40 percent – Saving early;
• 40 percent - Paying off a mortgage;
• 29 percent - Buying real estate at a good price;
• 27 percent - Investing heavily in their 401(k);
• 22 percent - Making sure their family is protected.

People ages 25-54 believe the best decisions they will have to make in coming years will be:

• 53 percent - Starting to save early;
• 52 percent - Making sure my family is protected;
• 25 percent - Relying heavily on my 401(k);
• 20 percent - Buying real estate at a good price.

“Interestingly, there’s consistency across generations with Americans valuing the importance of saving, paying off debt and managing risk. We often say that people can’t expect to invest their way to prosperity, but rather see investing as one component of a larger holistic plan. This data indicates that’s a message that is resonating,” said Greg Oberland, Northwestern Mutual vice president.