Your Clients & Their Budgets & Insurance — Lots of Rethinking Going On

Nationwide did a survey late last year on Americans and family budgets. A high percentage are reassessing spending and their insurance budgets. 

• 47% will be making fewer impulse purchases
• 32% are buying used or secondhand goods rather than something new
• 48% have canceled vacations
• 46% are going to skip — or at least delay — an auto purchase 

We’re using our credit cards more now than in the past. 

• 61% of us have credit card debt
• 20% have increased credit card debt in the past year
• 35% of us are now doing extra gig work to beef up our budgets 

Nationwide also probed responders about the U.S. economy. 

• 35% see the economy getting worse in 2026
• 78% worry about continued inflation
• 71% think continued global trade tension will affect them
• 43% don’t think they can manage health care costs
• 39% are going to struggle paying off their debts 

And then there’s insurance. Nationwide — rightfully — says Americans need advice from an independent insurance agent or other financial professionals. 

• Just 25% are working with a financial advisor or planner
• Sadly — and dangerously — many turning to YouTube and social media for advice
• 66% go to YouTube for financial planning advice
• 55% tune into Facebook for such advice 

Here’s the good news. Nationwide senior vice president, Michael Tripp says at least a high percentage of those interviewed understand the need for professional advice when it comes to finances and insurance. 

• 46% want insurance advice from an independent insurance agent
• Just 17% think AI is a good option
• 56% say they’ll never use AI for auto or homeowners insurance advice 

“When financial uncertainty sets in, people don’t just need information, they need reassurance,” Tripp said. “AI can offer data, but independent agents have the experience and perspective to translate it into real-world protection that fits a family’s budget and priorities. It’s that personal connection and guidance that makes them feel secure.” 

Source link: PropertyCasualty360.com — https://bit.ly/4byFDFr