Only 16% of Americans say they’re financially comfortable, a new poll found

Current money stressors can have a damaging impact on future financial stability in retirement.

Present-day financial stress can have long-lasting implications on a person’s future retirement – putting millions of Americans with money worries at risk.

Almost a third of U.S. adults experience “consistent financial stress,” according to a new Edward Jones and Gallup Money and Meaning poll released this week. Those consistent financial stressors include “straining to meet obligations, needing to make trade-offs between financial and life goals, and feeling they lack control over their financial situation.”

Only 16% of U.S. adults said they are “financially fulfilled,” or had a “broad sense of security and resilience through life’s ups and downs, along with confidence that their financial decisions today will support their goals and values both now and in the future,” according to the poll.

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The rest of the survey’s respondents said they were “financially conflicted,” meaning they saw progress but not without issues. The survey included answers from more than 5,000 American adults age 21 and older.

“The study finds that financial fulfillment is related to positive life outcomes, including higher life satisfaction, better self-reported mental and physical health, and stronger interpersonal and community connections,” the report said.

Financial fulfillment can also affect people’s retirement plans, financial advisers say. Oftentimes, instead of motivating them to fix their money problems, financial stresses are likely to prevent individuals from preparing better for their futures.

“Financial stress doesn’t just impact a person’s current well-being – it can become a major obstacle to successful retirement planning,” said Scott Bishop, a certified financial planner and partner of Presidio Wealth Partners. “When people are overwhelmed by today’s financial pressures, they often delay saving, avoid making decisions or react emotionally to market volatility, all of which can hurt long-term outcomes.”

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The new poll’s results reflected such a short-term focus. Respondents who said they were financially stressed said their priorities included increasing household income, reducing debt and having money to buy things, while the people who considered themselves fulfilled said their priorities were having income for a healthy lifestyle, having disposable income for experiences and increasing their return on savings.

The financially conflicted, who fell in between the two groups, said their priorities were having income for a healthy lifestyle, reducing debt and saving for retirement.

Perspective is key to feeling more confident with one’s personal finances, according to advisers.

When clients come with concerns over their finances to Jay Sharifi, founder and CEO of Legacy Wealth Management, he and his clients prioritize an income plan and “make sure whatever we’re feeling is relative to where we actually are, versus a perception that might not be very accurate,” he said. Sometimes, he noted, clients realize they are actually doing much better than they thought, while “on rare occasions, they have to step up and make difficult decisions today or in the next three to five years.”

Sharifi said it is important to “compartmentalize the problem” and focus only on what is controllable. Sometimes, he said, the problem lies in individuals comparing themselves to others, such as worrying they’re missing out on a big investment opportunity in the markets or not doing as well financially as someone younger than them. “That’s where the discourse happens,” he said.

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