‘Stick With It’ study shows top strategies to stay on track: take
baby steps, expect setbacks, never let yourself off the hook
MILWAUKEE--(BUSINESS WIRE)--
According to a national study
just released by Northwestern
Mutual, a leading provider of financial security, three out of four
Americans (74%) feel the pace
of today’s society is making it harder for them to focus and remain
on track toward achieving long-term goals.
The research – called the Stick With It study – also reveals how
some people are successfully remaining focused over time. The No. 1
strategy that works is “setting small interim goals,” with nearly seven
out of 10 people (67%) reporting this as a key step to ensure a
long-term goal is achieved. The two next most common strategies
seemingly go hand-in-hand – “allowing yourself to make mistakes” (62%)
but “holding yourself accountable” (60%). See the related info graphic, “Strategies
for Success.”
“Achieving long-term goals is particularly challenging at a time when
just about everything around us is getting more immediate,” said Greg
Oberland, Northwestern Mutual executive vice president. “The good news
is that Americans appear to be adapting. The people who participated in
this study said loud and clear – the best way to stay focused is to take
baby steps, expect setbacks, and never let yourself off the hook. In
short: don’t expect it to be easy, but stick with it.”
Scoring Goals in America
The Stick With It study, conducted by independent research firm Market
Probe, uncovers wide-ranging insights into how Americans prioritize
their goals and pursue them over time. Among the key findings:
- When it comes to setting goals, money trumps family. When asked
what areas people set goals in, financial goals come out on top:
- Financial (72%)
- Family (62%)
- Fitness (57%)
- Work (55%)
- Diet (54%)
- When it comes to the self-discipline required to achieve goals,
family and work trump money. When asked what areas people have the
most self-discipline in, the responses were:
- Family (77% reporting 7 or higher on a 1-10 scale)
- Work (70%)
- Financial (55%)
- Diet (38%)
- Fitness (36%)
- People need the most help with finance, fitness and diet. When
asked what areas people feel they could use more self-discipline in,
the responses were:
- Fitness/Diet (62%)
- Financial (47%)
- Work (20%)
- Family (18%)
In other words, the best link between goal-setting and self-discipline,
or ‘stick-with-it-ness,’ comes in people’s family lives and careers.
Yet, there are substantial disconnects in three areas – financial lives,
fitness and diet – in which people acknowledge needing more
self-discipline. See the related info graphic, “Goal
Setting & Self-Discipline.”
Financial goals
Among financial
goals, the desire for long-term protection is clear. The top
financial goals include:
- Maintaining a comfortable standard of living during retirement (78%
reporting 7 or higher on a scale of 1-10)
- Not falling below your current standard of living (73%)
- Protecting your income in the event of a disability (60%)
- Protecting your family’s standard of living in the event that the
household breadwinner passes way unexpectedly (55%)
These numbers came in notably higher than other common goals such as:
- Building a sizable investment portfolio (47%)
- Making a major purchase such a car, boat or furniture (30%)
- Financing your children’s college education (29%)
“Success is not about where you stand; it’s about where you’re going.
It’s about the road you’re on. All across America, people have become
more risk-sensitive and are pursuing financial security on a more
realistic path. The challenge now is sticking with it,” said Oberland.
“As with anything else that is difficult, for those who have the
discipline and the patience, the rewards can be extraordinary. Whether
it is finances, career, diet or fitness, sticking with it pays
dividends.”
Visit the Northwestern Mutual Newsroom
for a full copy of the Stick With It study report and to download
the related info graphics.
About the Research
Northwestern
Mutual sponsored the Stick With It study to gauge the
self-discipline and financial tenacity of Americans today. Independent
research firm Market Probe conducted the online survey of 1,000
Americans aged 25 or older between March 4, 2011 and March 15, 2011.
Results were weighted to be representative of the U.S. population (age
25+) by gender, age, income and education.
About Northwestern Mutual
The Northwestern
Mutual Life Insurance Company – Milwaukee, WI (Northwestern Mutual)
– the “World’s Most Admired” life insurance company in 2011 according to FORTUNE®
magazine – has helped clients achieve financial security for more than
150 years. As a mutual company with $1.2 trillion of life
insurance protection in force, Northwestern Mutual seeks to share
its gains with policyowners and deliver consistent and dependable value
to clients over time. Northwestern Mutual and its subsidiaries offer a
holistic approach to financial security solutions including: life
insurance, long-term
care insurance, disability
insurance, annuities,
investment
products, and advisory
products and services. Subsidiaries include Northwestern Mutual
Investment Services, LLC, broker-dealer, registered investment adviser,
member FINRA and SIPC; the Northwestern Mutual Wealth Management
Company, limited purpose federal savings bank; and Northwestern Long
Term Care Insurance Company; and Russell
Investments.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6766376&lang=en
Northwestern Mutual
Jean Towell, 1-800-323-7033
mediarelations@northwesternmutual.com
Source: Northwestern Mutual
