The average American pays $237 a month for subscription services, according to a 2019 report from West Monroe Partners. Yet 84% of these consumers underestimated the total they spent every month on these fees, and only 6% estimated their total spend correctly. (Wi-Fi, mobile service, Netflix, Spotify, Birchbox, Dollar Shave Club, GoDaddy, PlayStation Now, iCloud, Fitbit, etc.)
Misdirected love of family
Almost 65% of parents with children under 18 said they would be fine with adding to their card debt during the holiday season and more than half (56%) said that it was fine to do so, according to a poll conducted by CreditCards.com.
Not focusing on key goals
According to the latest survey from the COUNTRY Financial Security Index®, prospective homebuyers delay buying because they struggle to save up enough for a down payment. In fact, 46% of millennials and 40% of Americans overall cited affording a down payment as the greatest financial barrier to homeownership.
Keeping up with the Joneses
The Charles Schwab’s 2019 Modern Wealth Index survey found that 48% of millennials spend more money than they can afford to participate in experiences with friends and 49% were influenced by social media to spend money on experiences.
Holiday spending euphoria
Holiday shoppers racked up an average of $1,325 of debt in 2019, according to an annual survey conducted by Magnify Money. This study also found that Gen Xers added the most debt, charging an average of $2,076.
Testimonials
I’m amazed that my current level of income plus modest raises will give me my financial freedom. I must have a pretty good job.
I feel better about my 401(k) plan. I wish I had been offered this course when I started my career.
It is clear now that financial planning is required for financial security and for peace of mind. We had plans before but not this detailed.
I am more appreciative of my job and the benefits it provides, including the opportunity to attend this class.
I believe I can now perform my job with less stress by realizing that I am on solid ground financially.
I feel that with a small amount of discipline I can be financially secure for life. It’s a good feeling!
The methodology is logical and just like the approach an engineer uses when a system is designed. Financial planning is not just stocks and bonds. Cygnet is a quality organization as demonstrated by their understanding of GM’s plans and the comprehensive nature of their models.
I feel more confident that I have control over my finances, that I can ride out and adjust to factors that are not in my control.
I had never taken the time to understand what I was doing with my money, now I realize the importance of putting a plan together for my retirement.
So detailed and many faceted! The connectivity factor is critical, everything must work together.
The Causes
Ignoring the small stuff
The average American pays $237 a month for subscription services, according to a 2019 report from West Monroe Partners. Yet 84% of these consumers underestimated the total they spent every month on these fees, and only 6% estimated their total spend correctly. (Wi-Fi, mobile service, Netflix, Spotify, Birchbox, Dollar Shave Club, GoDaddy, PlayStation Now, iCloud, Fitbit, etc.)
Misdirected love of family
Almost 65% of parents with children under 18 said they would be fine with adding to their card debt during the holiday season and more than half (56%) said that it was fine to do so, according to a poll conducted by CreditCards.com.
Not focusing on key goals
According to the latest survey from the COUNTRY Financial Security Index®, prospective homebuyers delay buying because they struggle to save up enough for a down payment. In fact, 46% of millennials and 40% of Americans overall cited affording a down payment as the greatest financial barrier to homeownership.
Keeping up with the Joneses
The Charles Schwab’s 2019 Modern Wealth Index survey found that 48% of millennials spend more money than they can afford to participate in experiences with friends and 49% were influenced by social media to spend money on experiences.
Holiday spending euphoria
Holiday shoppers racked up an average of $1,325 of debt in 2019, according to an annual survey conducted by Magnify Money. This study also found that Gen Xers added the most debt, charging an average of $2,076.
Testimonials