Technological advances are making it difficult for individuals to plan and stick with their long-term financial goals.
A new survey by Northwestern Mutual tried to evaluate the state of financial planning in America and people’s ability to stay on course over the long-term to meet their goals. It also wanted to see whether they were moving in the right direction in areas such as debt, saving, spending, health and finances.
More than 1,500 individuals over the age of 25 were surveyed in January of this year.
Of those, more than one in three said their electronic or mobile device usage has increased over the past year and three in 10 say they are distracted by the immediacy of technology in society.
Usage has increased the most among Gen Ys, men, people with children under the age of 18 and those with the highest assets. Distraction is highest among Gen Y and Gen X.
The majority of those surveyed said the pace of society makes it harder for people to stick with long-term goals.
More than six in 10 say they feel too busy to think about long-term goals. More than one-quarter said they either always or often feel too busy to think about long-term goals and three in 10 said that once they’ve set a long-term goal it is difficult to stick with it and finish.