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Trend Time: Helping Consumers to Create a Financial Plan 

Supply chain issues. Gas prices. Inflation. It’s no secret that many Americans are not optimistic about their financial situation in 2022. Luckily, financial brands are able to help ease some of these worries by helping consumers create a financial plan. Here’s what brands need to know.  

Meredith Cunningham Published: August 4, 2022
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This year has been challenging for many Americans. The lingering effects of the pandemic, supply chain issues, fluctuating gas prices, and inflation have all increased consumers’ financial worries.   

Luckily, financial brands are able to help ease some of these worries by helping consumers create a financial plan – and Team TEGNA has collected insights to help your brand connect to these consumers.  

Here’s what brands need to know.  

CNBC found that more than a quarter of Americans believe their financial situation will get worse in 2022. On top of that, 70% of people who expect their finances to worsen cite inflation as the root cause.  

Do consumers have a plan?​ 

Most consumers are aware that they should save money, but they often don’t even know where to start. That’s why only 33% of Americans actually have a written financial plan.  

So what’s stopping them?  

In the 2021 Schwab Modern Wealth Survey, respondents were asked what their main barriers are in creating a financial plan for themselves.   ​ 

  • 42% said, “I don’t have enough money”​ 
  • ​22% said, “It seems too complicated​” 
  • 19% said, “I don’t have enough time”​ 

Additionally, an intelliflo study found that 72% of Millennials and 71% of Gen Z agree that there are financial topics they want advice on, but are not sure how to get it. ​ 

Meanwhile, a Charles Schwab study found that Americans would feel more confident seeking financial advice if they were able to automate their finances like their other daily activities. They’re confident that technology can make their financial planning process easier.  

Planning today is a challenging process for most Americans, but more than half (56%) would like the creation of a financial plan to be as easy as booking a hotel room. ​ 

What can your brand do to help?  

As a financial brand, this is your opportunity to help ease these consumer pain points and grow consumer confidence. After all, having a financial plan gives consumers a goal to work toward, and tracking progress can reduce doubt, allowing consumers to make strategic decisions to reach their goals.​ 

In fact, ​65% of people with a written financial plan say they feel financially stable, while only 40% of non-planners felt the same amount of stability. ​Additionally, 54% of those with a plan felt very confident they would reach their goals, compared to only 18% of those without a plan. ​ 

Keeping a Personal Touch​ 

Though integrating technology in daily operations is crucial for the future of the financial planning industry, maintaining access to a person is the key to success.​ 

  • 86% of consumers prefer brands that make it easy to interact with a real person.​ 
  • 43% still prefer human assistance over automation, even for daily financial activities. ​ 

Many consumers don’t invest in their financial future because they don’t know where to start. The combination of Robo-advisors and real people would make the most significant difference, as 45% say that robo-advisors will have the most significant impact on the future of finance. Additionally, 58% of Americans believe they will be using robots on a regular basis by 2025.​ 

About TEGNA 

At TEGNA, we work with financial brands like yours, looking to reach consumers who need financial help. To find out how you can leverage TEGNA’s insights and portfolio of integrated product solutions for your financial brand, visit TEGNA.com/advertise, and get in touch. 

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