Survey Finds Debt Reduction Top Financial Priority

Friday, March 1, 2019

(NAPSA)—A recent survey, con- ducted by New YorkLife, found that 72 percentof parentsidentify debt reduction as a top financial priority. That numberis even higher for millennial parents, with 80 percent planning to focus on debtreductionthis year. Better Idea “While reducingdebtcan be a worthwhile endeavor,a singularfocusonit at the expense of other planning can be dangerous to a family’s overall financial well-being”advised Brian Madgett, vice president, New YorkLife. “Adopt- ing a protection-first financial planning approachis crucial, as even the best-laid planscanget derailed without a strong long-term foundation” Despite carrying debt that might prevent them from achieving financial stability, parents are optimistic about their finances in the year ahead. Fifty-eight percent expecttheir finances to improvethis year and 61 percent believe they'll be better prepared for the unex- pected. Younger parents havea particularly sunny outlook,tying their ability to pay down debts to a brighter financial future: Sixty-five percent say their finances will improve this year and 77 percentsay their families will be better prepared forthe unexpected. Optimism may not lead to action, however. Just 28 percent of parents believeit’s importantto have financial plan in place to care for their children in Aprotection-first planning approach can ensure yourfamily meets shortandlong-term financial goals. debt—are morelikely to recognize the importance oflong-term planning, with 44 percent saying they will seek profes- sionalfinancialplanning advice this year. Parents Can GetProfessional Help According to Madgett,these findings illustrate a disconnect between expectations andreality whenit comesto financial planning.“It’s encouraging to see a morepositive outlook, especially among youngerparents who havethe benefit of time, but optimism can only carry us so far” he said. “Finding a qualified financial professional whocanhelpidentify yourfamily’s needs and financial goals and workwith youtocreatea strategy is an importantstep toward ensuring that parents’ optimism can be sustained no matter whatlife might bring” Learn More For assistance planning your fam- case something happens to them. Further, fewerparentsthan lastyear (30 percent versus 38 percent) are planning to ily’ financial future or to locate an agent, visit www.newyorklife. com/debt. For additional survey results and methodology, visit www. younger parents—despite their focus on top-financial-priority-for-2019. seek expert advice this year. However, newyorklife.com/newsroom/2019/

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