Most Americans are confident about achieving their financial goals
This is according to a recent WSFS Bank study, however some obstacles like inflation remain a concern.
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A new WSFS Bank survey has reported that 72% of Americans feel confident they will achieve their financial goals.
However, with increased inflation on goods and services, about 39% said they’re not confident in their ability to keep pace, while 24% said having poor credit prevents them from using financial products and services.
“The impacts of inflation are being felt by many consumers,” said Vernita Dorsey, senior vice president and director of community strategy at WSFS Bank. She added that inflation can hamper various goals, including building savings and emergency funds and purchasing a home.
The report found that 49% of respondents noted the need to build emergency funds for themselves and their families as a goal, compared to 54% regionally.
Dorsey noted that saving is among one of the key ways to protect yourself from the changing economic and social economic influences.
For Hispanic respondents, 36% cited buying/affording a home or apartment as a goal, more than total respondents (26%), with 68% of Hispanic respondents saying they are confident they will achieve it.
Another important way to achieve your financial goals is to know what resources are available.
According to the survey, 83% of respondents nationwide feel financial products from traditional financial institutions are accessible to them, however, obstacles remain.
“It is vital to provide resources and support for consumers with diverse needs and backgrounds to help members of all communities achieve financial success,” said Dr. Michelle Burroughs, senior vice president & chief diversity officer at WSFS Bank. “While there are abundant resources available for all learning styles, it is important for banks and financial service providers to meet consumers where they are to provide support and ensure they have access to the tools needed.”
About 32% of respondents cited high costs and fees, while 24% said having poor credit is the reason they may not be using financial products and services from traditional financial institutions.
“Building and maintaining a strong credit score, generally one above 700, can be key to achieving your financial goals, as it can impact the rate offerings for your mortgage, loans and more,” said Dorsey. “If you find your score still needs work, start by paying down loans and credit with the highest interest rates and try to get your debt-to-credit ratio below 30% to avoid negatively impacting your score.”
While 82% said they are confident in managing their money in general, 29% noted they have trouble understanding financial products available to them and 28% said they are not confident knowing which products are best for them.
“Knowledge is power, but having the proper access to banking services is just as important. It is our goal to provide resources for Customers with diverse needs and backgrounds to receive the support they need to achieve financial success,” said Dr. Burroughs.
When it comes to financial service providers, 53% of Black respondents at 52% of Hispanic respondents stated their belief that financial institutions have their customers’ best interest in mind.
“Although our experiences may shape our financial behaviors, it is important to consider making an appointment to speak with your banker, who can help you learn more about the products and services that best fit your unique needs and help you put a plan in place to achieve your goals,” said Dr. Burroughs.
Resources like the WSFS Knowledge Center can also provide valuable financial tips.