Americans place significant pressures on themselves to reach life milestones
Most Americans (73%) say personal fulfillment motivates them to reach traditional life milestones, while 20% cite a fear of falling behind and another 15% say pressure from society serve as motivation to hit these life markers.
“H&R Block has always been a trusted advisor to American taxpayers, with a deep understanding of the implications of life’s major milestones and obstacles,” said
Despite delay, people still may jump in too quickly
While on average Americans are reaching financial milestones later than they’d hoped, some still find themselves less prepared in those moments—mostly attributed to not knowing where to start.
- Fifty percent of new parents wish they would have felt more financially prepared prior to the arrival of their first child.
- Thirty-three percent of new homeowners shared that sentiment, with more than a quarter of whom saying they didn’t think about the finances until they purchased their home.
- Over half (55%) of newlyweds say finances put stress on their marriage, and one in five wish they would’ve talked to their spouse about money before getting married.
The good news: change is good for financial optimism
On the bright side, people who undertake one of these milestones are more optimistic about their financial future than the average — with more than 80% expressing optimism across all three life stages, compared to 71% of Americans. That’s likely because they’ve taken steps toward improving their financial well-being.
- Controlling the purse strings: More than a third (37% newlyweds, 43% homeowners, 44% new parents) of all respondents established a new budget when reaching a new milestone.
- Finding a hustle: 46% of new parents found a second job or side hustle.
- Being more aware of spending habits: 45% of newlyweds have cut back on spending.
For more information on how
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Source: HRB Tax Group, Inc.