How Would You Rate Your Financial Health?

This week I had the wonderful opportunity to speak at a local business’ employee health fair on financial health. Having less than 48 hours to prepare, I had to come up with a quick theme and display.

The result:

My display table included the Game of Life, by Milton Bradley. (Yes, I still have the game from my youth! Another attendee was pleasantly reminded of playing the game in his younger days.)

Several books from my personal library to offer interest and conversation points:

• Finance Your Own Business—Getting on the Financing Fast Track

By Garrett Sutton, Esq., and Gerri Detweiler

• The One-Page Financial Plan

By Carl Richards

• Late-Blooming Entrepreneurs—8 Principles for Starting a Business After 40

By Lynne Beverly Strang

• Financial Freedom—A Proven Path to All the Money You Will Ever Need

By Grand Sabatier

• The Doctor’s Guide to Smart Career Alternatives and Retirement

By Dr. Cory S. Fawcett

• Victory Lap Retirement

By Mike Drak and Jonathan Chevreau

I created 3 brochures highlighting the Financial Freedom Summit that is debuting in St. Louis in 3 months and is easily accessible for those interested.

I included a stack of business cards to promote my business and blog.

Lastly, I added a whiteboard with the question:

What is Your Definition of Financial Freedom?

Before I get into the results of the 3-hour fair affair, let me share some personal experience when it comes to health fairs and similar events:

When I worked for a hospital, health fairs were often a breeze-by affair. Unless a visitor had a keen interest in a topic (Cardiac Care, when I worked the booth), then there was little desire to stop.

Also, with my father as a second act glassblower, I attended a lot of art fairs and saw a similar trend of breezing by a booth. A visitor would only stop at a booth if he/she was a true connoisseur of the art and had disposable money.

In both cases, personal comfort level also determined how long or IF someone would visit a booth; if that person didn’t want to get trapped into buying or admitting uncomfortable truths, then she/he wouldn’t stop.

Financial Health fair results

Of the 67 visitors to my booth, here are the results:

After a conversation began, most opened up about their age. Many freely contributed their age. The youngest attendee was 27; the oldest 67.

Two breezed by my booth, not willing to meet my eyes or say hello. (p.s. I stood in front of my booth for 3 hours to greet visitors rather than sit behind the table and play with my phone).

Several read the whiteboard and audibly gasped. When I asked, “Does this mean something to you?” several nodded uncomfortably and said they “were concerned.”

The first question I asked, “How would you rate your financial health?”

• 33 said POOR.
• 2 rated as “on life support.”
• 28 rolled their eyes, shrugged, cringed, and admitted, “Not so good.”
• 2 stated they felt comfortable.

The second question I asked, “If a disaster were to occur tomorrow—health, accident, unemployment—how long would your money last?”

• 41 said less than a month.
• 1 awkwardly joked and said two hours.
• 15 guessed ~4 months.
• 2 felt they would be okay for up to 8 months.
• 1 stated the spouse would supplement the needs.
• 34 admitted to overspending.

The third question: “How prepared are you for retirement?”

• All but three admitted to be highly unprepared or concerned. 49 stated they felt they would not be able to retire.
• The youngest visitor who felt comfortable about his retirement was a 33 yo male who began saving at age 21. He credits his first employer with teaching him the value of saving and investing.
• Of the remaining two, one was a 55 yo woman who felt she and her husband were “almost” prepared for retirement though wanted to work 10 more years to save more. The other was a 44 yo woman who felt she was “on a good path” for her retirement potential. Of interest—these were not the same two that rated their financial health as comfortable.

Financial wellness summary

After these opening questions, the visitors opened up and shared their concerns. Most stated or hinted at issues such as, “My husband struggles with…” or “I need to learn about credit…” or “Spending is an issue…” or “How do we save when there is so much demanding our money?”

When I mentioned the common concerns of loans, credit cards, daily living expenses, taxes, and caregiving, everyone nodded or admitted to more than one of these as their concerns. Some of the older visitors stated the difficulty in getting their adult children to understand the importance of living beneath their income without borrowing from mom and dad. The 33 yo male says he continually “badgers” his brother to be more mindful with his money.

• 14 admitted caregiving as a huge concern. When I mentioned my caregiving experiences, 7 mentioned they were relieved to hear stories from another caregiver, and wanted to discuss more. The biggest question regarding caregiving: how do you survive—it is SO difficult! One man adeptly stated, “It’s tough to maximize my time and money while I care for my mother.”
• 6 returned to my booth to share more of their story.
• 19 gave their name, email address, and phone number (I only requested an email and name) and INVITED ME to contact them. Six stated how happy they were I was willing to talk money with them.
• I supplied 100 business cards; came home with 40.
• Of the 67 visitors, 61 sought more information.
• Only 2 had heard of the FIRE movement.
• Most stated that it was taboo to discuss money, but admitted they needed or wanted to.
• 1 felt it was easier to come out about his sexuality rather than to discuss money.
• 4 single visitors fear what would happen to them in later years—no one to care for them.
• Another health fair vendor was a second act entrepreneur and has been in business 6+ years. He’s protecting his retirement savings and hoping his business will supplement his current living expenses.
• 48 agreed there isn’t enough information available. They prefer guidance over pressure.
• My final observation from listening and questioning attendees is that parents and employers play a critical role in money habits.

Here’s my final question for YOU:

As an individual: how do these results fit your view of financial health?

As a parent or grandparent: how are you motivating your children and grandchildren about money?

For employers: what can be done to better educate your employees about money?

Let’s hear your thoughts! And if you wish to discuss privately, contact me through my website!

Kristen

photo credit: ddpavumba at freedigitalphotos.net