Unexpected health care costs, inflation and running out of money can quickly deplete funds saved for retirement or the next generation. These concerns are very much on the minds of Americans of late.
According to a new study from Lincoln Financial Group, “Measuring Optimism, Outlook and Direction (M.O.O.D.) of America,” nearly 6 in 10 Americans say that protecting their wealth is more important today than it was five years ago.
The report is the third in a series of Lincoln Financial studies that gauges American’s financial attitudes and behaviors. Conducted by Whitman Insight Strategies, the current survey polled 2,352 U.S. adults ages 18 years of age and older.
“Americans are more aware today of the need to protect their wealth,” said Will Fuller, president of Lincoln Financial Group Distribution. “Financial professionals play a critical role in educating clients on different options and approaches to achieve the outcomes they want.
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Nearly all of the survey respondents (97 percent) flag running out of money as a top concern in respect to protecting their wealth. Close to 9 in 10 respondents also identify future health care expenses (89 percent) and the impact of inflation (88 percent).