Key Takeaways
- Fewer than one in five Americans and Canadians report being “financially fulfilled.”
- Nearly one third of Americans and more than 40% of Canadians say they are experiencing financial stress.
- Those reporting stress would like more money to pay bills and reduce their debt.
Only a small percentage of Americans and Canadians describe themselves as financially fulfilled and having enough money to support the lifestyle they desire.
For Americans that number is 16%, and for Canadians it is even lower at 12%, according to the first Edward Jones and Gallup Money and Meaning survey on financial fulfillment released early Tuesday morning.
At the same time, 32% of U.S. adults and 41% of Canadian adults experience consistent financial stress, where they struggle to meet their obligations and need to make trade-offs between financial and life goals, while feeling a lack of control over their finances.
The largest share in each country describe themselves as “financially conflicted,” making progress toward their goals yet experiencing ongoing financial strain.
The survey took place from late March to early April among 5,075 U.S. adults and 2,117 Canadians adults aged 21 and older.
The concept of financial fulfillment is more than how much money people have, but rather a compilation of 37 items that track “financial wellbeing, the emotional aspects of financial life, and how closely financial decisions align with people’s values.”
What financial fulfillment means in practice is having the confidence and freedom to pursue passions, while making a better life for themselves and their families.
“Canadians tend to emphasize relief from financial stress and worry,” the survey said. “Additionally, when asked what they do with their money that brings them joy, both Americans and Canadians overwhelmingly point to experiences, relationships and meaningful activities rather than obtaining specific possessions or achieving certain financial milestones,” it said.
But there is a payoff to having greater comfort with one’s finances. Edward Jones and Gallup found that financial fulfillment brings positive life outcomes, including higher satisfaction, better self-reported mental and physical health, and stronger interpersonal and community connections.
Still, only about one in 10 Americans making between $35,000 and $84,999 and Canadians making between $40,000 and $79,999 are financially fulfilled, the survey found. People with incomes above the median are about twice as likely to be financially fulfilled.
“When it comes to what they want to do with their money, the top priorities for financially stressed Americans and Canadians are increasing their household income, reducing debt and having money to buy things — half or more in each country rate these a very high or high priority,” the survey said.
But for those who consider themselves financially fulfilled, the priorities are more about having enough money to enjoy a healthy lifestyle.
Many surveys of financial health and preparedness for retirement emphasize that health can be as important as people age than money – although one does have to have insurance or the financial means to deal with health issues that generally crop up as you grow older.