Primerica Study Finds 86% of Middle-Income Households Have Been Financially Impacted by the Coronavirus Pandemic
A new national study recently released by Primerica found that more than 50 percent of the middle-income families who have been financially impacted by the economic fallout of the coronavirus pandemic are concerned about running out of money to pay for basic necessities by the end of the year.
The study also reveals that 61 percent of middle-income Americans have had to cut spending in the wake of the pandemic, but fewer (53 percent) of those who had previously met with a financial professional have had to cut their overall spending.
“Primerica’s survey reaffirmed the importance of financial education and guidance in helping middle-income families safeguard their financial futures. These families are resilient, and we are encouraged that so many took steps to prepare for the unexpected,” said Glenn J. Williams, CEO of Primerica. “Primerica’s representatives are focused on helping middle-income families across North America during this difficult period.”
Read the full report here.
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Primerica is perfectly positioned to meet the needs of Middle Income America. One of our friends who owns a small business told me an interesting story. She started a Simple IRA plan for her 10 employees with one of the largest brokerage firms. She called the advisor after a period of time when her employees complained of the lack of guidance from this advisor. She called him to inquire why the lack of service and he honestly admitted that when she did not place her personal wealth with him he decided to “kick the accounts back to retail.” This basically means the 10 employees have an 800 number to call if they have any questions about their accounts.Primerica gladly serves this market!