Palatine financial adviser says people are saving more while prioritizing life experiences

With the turn of the year, as Americans reflect on the progress of the financial goals they set, many are celebrating success. And those who had the guidance of a financial adviser were more likely to achieve their goals, according to a new survey from COUNTRY Financial®.

Eight in 10 Americans set financial goals for themselves during 2023 (78%), and, overall, they were most successful with increasing their investments (61%), increasing the amount or percentage they are saving for retirement (59%), and having more life experiences (58%).

Those working specifically with a financial adviser said they were significantly more likely to say they accomplished these key goals. 73% of those with a financial adviser say they increased the amount or percentage they are saving for retirement. 70% of those with a financial adviser say they were having more life experiences, compared to 53% of those who did not work with an adviser.

Additionally, those who have a financial adviser were more likely to report feeling excellent about their level of financial security (28% of those who have an adviser vs 10% of those who do not.) They also were significantly more likely to report setting aside money for savings or investments in the last two months (78% of those who have an adviser vs 47% of those who do not) and say it’s very likely they will have enough money to enjoy a comfortable retirement (50% of those who have an adviser compared to 18% of those who don’t.)

“We try to take time to listen and understand the goals and challenges our clients are facing,” says Brett Riekena, a Financial Adviser at COUNTRY Trust Bank in Palatine. “We then build plans with clients to address challenges while also working toward achieving goals, utilizing experts and planning software clients use to keep track of finances and gauge progress toward goals.”

In 2024, clients’ top goals demonstrate the struggle between saving and making time to live in the moment. Nearly nine in 10 Americans want to accomplish a financial goal in the year ahead, with four in 10 saying they would like to have more life experiences, and an equal percentage (40%) reporting they want to control spending. Most say they plan to achieve these goals by reducing spending in other areas (56%), creating a budget (32%), putting money from a raise toward their goals (22%) and contributing to their employer’s retirement plan (20%).

“We all work on maintaining a balance between living in the moment while trying to save for the future,” adds Riekena. “The key is planning. A financial adviser can keep people focused on what’s most important and can illustrate the impacts of decisions for both the short and long-term. As we saw over the last year, those who stuck with their plans are being rewarded.”