Financial Security Necessary to Be a Good Person: N.Y. Life Study

Horrocks noted that Gen Y has struggled to find jobs following the recession and suggested that the impact of that struggle may account for their relative unhappiness. “But what’s surprising is that Generation Xers, in their prime working years, aren’t more satisfied with their financial situation than Gen Y,” he said. “We believe this suggests a need among many members of both generations to take a more active role in understanding and managing their personal finances so they can feel more confident about their financial future.”

Confidence isn’t the only byproduct of financial security. The report found that respondents of all generations felt being financially secure was an important part of being a good person. Fifty-six percent of respondents said being self-sufficient in retirement was important to live life as a good person, the same percentage who said they needed to be able to protect their family against “life’s uncertainties.” Fifty-four percent said not having to worry about bills and day-to-day expenses was an important aspect of being a good person.

“The research shows that the ability to simply accumulate more things is not how most people find financial satisfaction nor real life satisfaction,” Brian Perlman, senior vice president and CFO of Mathew Greenwald & Associates, the research firm that conducted the survey for New York Life, said in a statement. “Americans, including Gen X and Y, want their finances to offer protection for the future, not just the ability to snap up the latest gadgets today. This highlights a great opportunity for people to cultivate goodness in their own lives just by taking some steps to feel more financially prepared.”