NEW YORK, February 27, 2025--(BUSINESS WIRE)--Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from its quarterly survey of 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans.
The survey revealed that 80% of Americans — regardless of their income level — are worried about the affordability of everyday living costs. As a result, nearly half of survey respondents intend to change their financial habits in 2025 to help reduce their financial stress, feel more in control of their finances and improve their overall financial security.
Among those aiming to change their financial habits, a majority plan to increase the amount they save each month. Specifically, four in 10 respondents intend to increase their savings by $500 or more. This percentage was even higher among mass affluent respondents, who have an income level at or above $90,000 per year, with nearly seven in 10 indicating they plan to increase their savings by $500 or more per month. Almost half of survey respondents also cited increasing their household income and cutting their spending as steps they intend to take to change their financial habits in 2025.
When it comes to achieving their financial goals, Americans continue to report inflation as the most common obstacle. In fact, survey respondents cite it more than twice as much compared to other issues. This has stayed relatively consistent in each quarterly survey over the past year, despite inflation being down significantly from its 40-year peak in June 2022. Further, six in 10 survey respondents view the economy as highly volatile.
"It’s encouraging to see so many people aiming to improve their financial habits. Yet, with concerns about affordability, inflation and the economy still weighing heavily on many Americans, transforming those intentions into actions can feel daunting," said Nick Lane, President of Equitable. "This is where a financial professional can help by offering guidance to navigate today's ever-changing and uncertain landscape. They can create a personalized plan that considers your purpose, aspirations and financial goals so you can look to the future with confidence."
As Americans evaluate their financial security, nine in 10 survey respondents indicated they value lifetime income features. However, less than half reported being confident about their understanding of annuities. This interest in lifetime income products comes at a time when large sums of wealth are changing hands at historic levels. Referred to as "Peak 65," the majority of the estimated 73 million Baby Boomers will hit peak retirement age of 65 by 2025.1 By the end of the decade, more than 30 trillion in assets are expected to transfer to surviving spouses and the next generation.2
In a separate study commissioned by Equitable on "How to Plan for the Great Wealth Transfer," eight in 10 survey respondents plan to work with a financial advisor to help manage their new wealth.3 As a result, the need for trusted advice is only expected to grow, as more Americans turn to a financial professional for guidance and education on a wide range of strategies, including annuities, to help build a secure financial future and not outlive their savings in retirement.
About the survey
Equitable’s consumer finance survey was conducted by an independent, global consumer and B2B panel provider. Respondents include 1,000 U.S. adults (ages 18 and older), with the total survey population representative of U.S. demographic data. The online survey was fielded December 1 – 9, 2024. Survey participation was anonymous.
About Equitable
Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 3 million clients across the country. Please visit equitable.com for more information.
Reference to the 1859 founding applies specifically and exclusively to Equitable Financial Life Insurance Company.
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1 America Counts Staff, "2020 Census Will Help Policymakers Prepare for the Incoming Wave of Aging Boomers," United States Census Bureau, December 10, 2019; Ansberry, Clare, "America Has Never Had So Many 65-Year-Olds. They’re Redefining the Milestone," The Wall Street Journal, February 6, 2024.
2 McKinsey Study, "Women as the next wave of growth in U.S. Wealth Management."
3 The "How to Plan for the Great Wealth Transfer" study was commissioned by Equitable and conducted by The Wall Street Journal’s Intelligence unit. The study presents the key findings of a survey of 500 retail investors representing household finance decision-makers aged 35-64. Survey respondents have household incomes of more than $100,000 and a net worth of more than $100,000, who anticipate receiving an inheritance or primary benefit of more than $100,000. The gender breakdown is 60% women and 40% men. The breakdown by generation includes millennials (age 35-44) at 33%, Gen X (age 45-54) at 33%, and pre-retirees (age 55-64) at 33%. The survey was fielded June 18 to July 10, 2024.
Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY) and Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with an administrative office in Charlotte, NC, issuers of annuity and insurance products, and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN). GE-7630707.1 (02/25)
