Forty Percent of Adult Children Question If Mom Is Financially Prepared for the Future, Says New Lincoln Financial Group Data
As the country prepares to celebrate Mother's Day, 40% of adult children question if their mother is financially prepared for the future. Yet, only 28% have had a conversation about her financial preparedness in the past year, according to a new Mother's Day poll from Lincoln Financial Group (NYSE: LNC) and CivicScience. The poll also revealed that one-third of adults said their mom was the family member who taught them the most about finances.
"As a mother, I recognize we have a tendency to put the needs of our children and our loved ones ahead of ourselves," said Kathy Kavanaugh, senior vice president, Lincoln Financial Distribution Marketing. "We're so busy juggling work, kids, activities and life in general that financial planning may not always be at the top of the priority list. However, it's important to ensure that a mother's best intentions don't come at the expense of her own financial security. One of the best ways you can show Mom how much you love her is to talk openly about her finances and the future."
While Mom may have known best growing up, it is possible she could use a little help herself now when it comes to issues like retirement, longevity and planning for the unexpected. Whether people are planning an in-person visit or a phone call to say Happy Mother's Day, the holiday offers a unique touchpoint to discuss Mom's financial wellness. Lincoln Financial recommends five questions that can help adult children better understand if Mom is on the right track to positive financial outcomes:
About the Mother's Day Poll (Lincoln Financial and CivicScience)
Responses were gathered from 4/20/2021 - 4/27/2021 using the CivicScience market intelligence platform. The number of responses varied by question, with response counts ranging from 1,470 to 1,921. Data are weighted to represent the total U.S. adult population. If this study were a random survey, the margin of error would be within +/-4 percentage points at a confidence level of 95%.
About Lincoln Financial Group
Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $303 billion in end-of-period account values as of December 31, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes' World's Best Employers, Best Large Employers, Best Employers for Diversity, and Best Employers for Women, and Newsweek's Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.
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