SWNYFINANCE By Tyler Schmall
New York office - 646-873-7565 / usnews@swns.com
NEWS COPY - WITH VIDEO & INFOGRAPHIC
Do you dread dealing with your finances? You aren’t alone, as one in five Americans would rather spend ONE HOUR IN JAIL than work out a five-year budget, according to new research.
This fascinating new statistic emerged out of a study of 2,000 Americans exploring the feelings most commonly associated with money and personal finance.
The study shows that making decisions related to our finances is challenging. So hard, in fact, that nearly two in five Americans (17 percent) think it’d be easier to break up with their partner than change their bank.
What’s more, many traditional financial institutions apparently haven’t done much to improve our interaction with our money, as only 18 percent of those surveyed strongly agree that the financial industry cares about consumers’ needs and makes products to best serve them.
This new survey, conducted by OnePoll on behalf of the impact investing platform CNote, also revealed that we’re much more comfortable talking about money with a partner or parent (63 percent) versus a financial professional (17 percent).
Showing, in a humorous way, that many of us feel the same frustrations and uneasiness around money.
Catherine Berman, CEO of CNote, noted “Talking about money is such a social taboo, but if we start a dialog and push through that uneasiness, we can empower people to be more proactive about their financial health, and leverage their money to not only a build a better financial future for themselves, but to also cause positive social change.”
Being sensitive about our finances is something almost every American can relate to. Over half (56 percent) of American’s say they’re uncomfortable talking about their personal finances with someone else.
One in six would rather awkwardly sit through a steamy movie sex scene with their parents than tell them about their biggest financial blunder.
Funnily enough, two in three Americans would also happily drink a glass of orange juice straight after brushing their teeth than even just check their savings balance.
Catherine Berman added, “CNote is trying to change the way we feel about money by demonstrating the power of money to be a force for positive social change. We help consumers earn a better return while investing in causes and communities that matter to them, like supporting female or minority entrepreneurship. You really can do well and do good.”
So, even if you’re one of the 27 percent of Americans who’d rather get stung by a bee than move your money to a new bank, perhaps it is time to begin thinking differently about your finances.
WHAT WOULD AMERICANS RATHER DO?
32% of would rather go to the DMV than work on a detailed financial plan
16% of would rather sit through a steamy sex scene with their parents than tell them about their biggest financial blunder
20% would rather spend an hour in jail than build a five year financial plan
34% would rather spend an hour in traffic than go over their money mistakes with a financial advisor
26% would rather talk politics with somebody they disagree with than write a financial plan with a family member
47% would rather drink orange juice after brushing their teeth than spill their biggest money secret with a friend
34% would rather post their most embarrassing photo of themselves on social media than post a screenshot of their account balances
ENDS
