Mutual Insights Survey Reveals Concerns Over Financial Future

man with concern looking at paperwork with Mutual Insights logo

Industry Expert Calls for Simplification and Consumer-Friendly Approach

A recent Mutual Insights survey conducted by Mutual of Omaha reveals people overwhelming feel responsible for protecting their family’s financial future. While respondents highly prioritize financial security, many expressed uncertainty in their ability to achieve it.

When asked to assess their financial future preparedness, most admitted they could do more or don’t know where to start.

When the same survey was conducted in March, 63% rated protecting their own financial future as well as that of their family as very important. That jumped five points to 68% in the November survey. However, the number who said they either could do more or don’t know where to start also increased from 58% in March to 62% in November.

The gap between those recognizing the importance of securing their loved ones’ financial futures and those taking actionable steps suggests a potential shortfall in the financial services and insurance industry, according to industry expert Brian Poppe, Senior Vice President of Income and Wealth Planning at Mutual of Omaha.

Poppe believes the industry must simplify its products and services for consumers, drawing inspiration from property and casualty insurance companies and technology firms that have successfully made complex products easier for consumers to understand and use.

“In my opinion, the best companies take away the complexity and make it easy,” Poppe said.

Instead of merely selling insurance policies and financial investment vehicles, Poppe advocates for the industry to help people align their priorities. This begins with encouraging individuals to maintain sufficient savings. Subsequently, discussions can expand to cover investing and insurance policies. However, the approach needs a revamp to make these discussions more accessible to the average consumer.

If you’re among those hoping for a secure financial future but aren’t sure how to get started, Poppe recommends these simple steps:

  • Get a clear picture of your goal and put it in writing.
  • Make a plan. This can be as simple as listing your income and your expenses and setting a budget.
  • Seek out resources. There are many free and low-cost resources available that can help you get on the path to financial freedom. Start with these free financial planning tools for retirement and this easy-to-use calculator that can quickly determine how much life insurance you may need to protect your family.

While achieving financial security for you and your family may seem like a daunting task, by breaking down the process into simple, achievable steps and working with a trusted expert who can simplify your options, you can begin to make progress toward your goal.

62% say the could do more

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