’Tis the Season for Retirement Account Contributions, Which Top Holiday Wish Lists for One-Third of Americans

Rhea-AI Summary

New research from OnePoll, commissioned by Lincoln Financial Group, reveals that 32% of Americans prefer retirement account contributions on their holiday wish lists. The study of 2,000 participants indicates that 80% are reconsidering holiday spending due to the pandemic, with 53% reallocating funds towards savings. A significant 78% acknowledge a shift in financial planning priorities, emphasizing family, health, and financial security. The findings suggest a growing concern for long-term financial wellness amidst ongoing economic uncertainty.

Positive

• 32% of Americans prefer retirement account contributions this holiday season.
• 80% of respondents are rethinking holiday spending due to pandemic-related concerns.
• 53% report reallocating spending towards savings accounts.
• 78% are contemplating their financial future more seriously.

Negative

• None.

Americans’ holiday wish lists are looking a little different this year — almost 32% said they would most prefer a retirement account contribution, according to new research conducted by OnePoll on behalf of Lincoln Financial Group.

The study of 2,000 Americans conducted in late November found eight in 10 say that the pandemic has them rethinking the holidays, with 53% reporting that they are re-allocating their holiday spending. And four in 10 say they are putting more money towards something unexpected this holiday season: their savings accounts. Given the widespread economic impact of the COVID-19 pandemic, a full 78% of respondents agreed that the unexpected stresses of 2020 have caused them to think more seriously about their plans for their and their family’s financial future.

“The holiday season is often about family, and this year protecting our families and planning for the future has become more important than ever — especially when it comes to finances,” said Jamie Ohl, executive vice president, president, Workplace Solutions and head of Life and Annuity Operations. “Instead of potentially overspending on gifts this year, Americans are taking a holistic look at their overall financial wellness, to ensure they have the coverage they need today and are saving for tomorrow.”

In fact, 82% asserted that the uncertainty of the past year has made them more aware of protecting what matters most to them. And 69% said they’d found themselves having more financial planning conversations with their loved ones.

An increased sense of gratitude has likely played a role in this change in mindset, with nearly three-quarters of respondents reporting that they are more grateful for what they have after this year. When asked what they value most, respondents’ priorities were clear: the percentages who cited their family (41%), health (27%) and financial security (19%) far outpaced those who selected job security (6%) or political cohesion (3%).

“Ensuring those you love are protected financially and have a secure financial future is priceless and is a gift that will last long after the holiday season,” said Ohl.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. The company had $281 billion in end-of-period account values as of September 30, 2020. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ World’s Best Employers, Best Large Employers, Best Employers for Diversity, and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

LCN-3369793-121420

View source version on businesswire.com: https://www.businesswire.com/news/home/20201216005890/en/

FAQ

What percentage of Americans prefer retirement account contributions according to Lincoln Financial Group's research?

32% of Americans prefer retirement account contributions this holiday season.

How has the pandemic affected holiday spending habits according to the research?

80% of respondents are rethinking their holiday spending due to the pandemic.

What is the focus of financial planning conversations this year as per the study?

69% of respondents report having more financial planning conversations with loved ones.

What key priorities have emerged among Americans according to the study?

Family (41%), health (27%), and financial security (19%) are the top priorities.

Which organization conducted the research on holiday spending and retirement contributions?

The research was conducted by OnePoll on behalf of Lincoln Financial Group.