Majority of Americans Prioritize Mental Health and Well-Being Over Material Possessions

Thu, 17 December 2020  |  financial wellness retirement 

A new survey from Voya Financial finds that a majority (73%) of Americans agree that material goods matter less given their experiences with the COVID-19 pandemic. As the priorities of many individuals are shifting when it comes to both health and wealth, Voya’s survey also found a majority (75%) of Americans have become more focused on their mental health and emotional well-being, emphasizing the concept that wealth has garnered new shades beyond financial means.

The results of Voya’s new survey reveal that many individuals will likely be seeking a fresh outlook in 2021 and beyond as arguably one of the most impactful and memorable years in multiple generations comes to an end. While COVID-19 has undoubtedly changed the lives of many Americans, Voya’s survey indicates that the shifting priorities of many Americans have changed for the better:

• Becoming More of Saver than a Spender: Post-COVID-19, a significant amount (69%) of Americans agree that they are more focused on saving rather than spending.
• Finding Greater Work-Life Balance: As many individuals continue to work from home, more are seeking opportunities to “make the most of it” as more than half (60%) of working Americans say they have more work-life balance than prior to COVID-19, while just over half (59%) have noted becoming more healthy through diet or exercise.
• Importance of Emergency Savings: With COVID-19 causing unprecedented economic disruption, recent industry data shows that up to 46 million Americans have depleted their emergency savings.1 The good news is Voya’s data found that more individuals are seeking to get back on track with more than six in 10 agreeing that they are better prepared for a future emergency (66%) and are saving more money to cover possible unexpected expenses (62%).
• Retirement Still Remains a Priority: In a year of financial uncertainly, still more than half of individuals (55%) are more focused on planning for retirement. At the same time, individuals are becoming more acutely aware of the impact uncertainty might have on their future nest egg. As a result, a more significant amount (87%) believe having a guaranteed source of income in retirement is important or extremely important.