Events impacting Americans’ wallets in early 2019 – including the partial government shutdown and the lower-than-expected tax refunds – have put a spotlight on Americans’ financial lives, drawing attention to how common it is for Americans to live paycheck to paycheck and raising questions about their lack of preparedness to secure their financial futures.
While many lower- to middle-market Americans may not be surprised by the financial vulnerability that resides in millions of U.S. households and businesses today, a new survey of members of the National Association of Insurance and Financial Advisors confirms that financial security is within reach in the form of affordable and informed financial advice for this very market.
According to the survey, 80 percent of NAIFA members say their businesses primarily serve middle- to lower-income families and individuals. Almost half (45 percent) say the “typical annual household income” of their clients falls between $50,000 and $100,000; 34 percent say their typical client’s annual income falls between $100,000 and $150,000; and 4 percent say their typical client earns less than $50,000 annually.
“There is no shortage of professionals offering individualized financial advice and services for middle- and lower-income Americans,” said NAIFA CEO Kevin Mayeux, CAE. “Our survey shows that for anyone looking for help with their insurance or financial needs, there is an agent or advisor eager to work with them. NAIFA members are in communities across the United States striving to ensure financial security and prosperity for friends and neighbors as well as local families and small business owners. That’s what we mean when we say that NAIFA represents the interests of Main Street Americans.”
