Personal Financial Wellness by Mediaplanet_USA

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Personal Financial Wellness

Tarra Jackson “Madam Money” talks about the importance of paying attention to your spending The hosts of How to Money share how they’re making financial conversations easier Our experts offer their top tips for how to boost your financial well-being MARCH 2021 | FUTUREOFBUSINESSANDTECH.COM

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Why Humility Is the Key to Good Investing

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Money expert David Stein says the smartest investors are always learning as they go and keeping themselves humble. New investors are always looking for the best way to get started. David Stein, host of the personal finance podcast Money for the Rest of Us, says the best way to start is simply that: get started. “The beauty of investing is that you learn by doing,” he said. “You don’t need to be an expert to be a good investor, but one of my first rules is just know what you’re investing in.” Stein said a good rule is to be able to explain to someone else what it is you’re investing in. “Often new investors get caught up in whatever’s hot in the moment, be it Tesla stock or Bitcoin, and they buy, but they don’t know how it works or what has to happen for it to become a profitable investment,” he said. “That’s really the key, being able to explain it, because the act of explaining humbles us.” Humility is key for new investors, especially if they’re investing in a bull market, such as now, and their stocks rise quickly. No matter how savvy of an investor you are, there will always be volatility and unpredictability, and Stein says new investors should be prepared for downtimes. “We’re emotional investors and we have to manage our regret,” he said. “One way to manage our regret is to take small steps. That way you’re not sitting outside, waiting for the world to fall apart and you feel bad because the market is up 50 percent. If you can take small steps, then it’s easier to manage that regret.” Ross Elliott

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How to Make Saving Simple in Uncertain Times Tarra “Madam Money” Jackson is rich in expertise when it comes to saving, especially for times of financial uncertainty. arra Jackson is an expert when it comes to saving. “Anything that is not managed will not be controlled,” Jackson said. “Most people that lose control of their finances are not paying attention to where their money is. They’re getting money and spending it. They’re not naming their dollars.” Jackson, who is the founder of Dualpreneur, an organization that supports people in finding side hustles to diversify their income streams, believes the No. 1 problem people have with saving is simply not paying attention to their spending. “If you see that you’ve paid $1,000 on eating out a month, it’s not that you can’t save $1,000, you’re just eating it,” she said. “When you pay attention to where your money is going and how much is coming in, then you can make some decisions.”

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Financial language The first step, as Jackson outlines in her best-selling book “4 Financial Languages,” is to understand your dominant financial language. “There are four dominant financial languages: saving, spending, investing, and giving,” Jackson said. “When you understand what your dominant financial language is, you understand how you need to be communicated to about money. If you’re a spender and people keep saying, ‘Stop spending money, you need to save more, you need to budget,’ those are negative trigger words and you end up doing the complete opposite.” Secondly, you should pinpoint bad spending habits and try to eliminate them. “In my book ‘Financial Fornication,’ I talk about financial abstinence,” Jackson said. “If you’re heavy on using credit cards and you’re in credit debt, you probably need to practice a little financial abstinence.”

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Finally, Jackson recommended getting an accountability partner to help keep you on track for your financial goals. “Having that financial coach or that financial adviser or a group of people that have the same mindset of what you’re trying to accomplish, it’s always good to have an accountability person,” she said. Sound financial planning is never more important than during uncertain times such as these. While all the usual advice applies, Jackson also encouraged people to be frank about their financial situations and ask for help when necessary. “There are a lot of people struggling, but pride keeps a lot of people in the poor house,” Jackson said. “This is a time when we all need to come together and help each other, so if you need help, definitely ask for help.” n Ross Elliott

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How are you helping people talk about their money? Joel Larsgaard: As a society, we don’t like to talk about money. One survey found that less than 40 percent of couples talk about money on a monthly basis. And when money conversations do happen, it often ends in a fight. I saw this firsthand growing up. My parents didn’t handle money very well in the early years of their marriage and that led to significant financial problems in addition to difficult family dynamics. Ultimately, car repossession and bankruptcy became part of our family money story. Experiencing that as a 12-year-old left an indelible impression, and it’s probably why

Ending the Stigma Around Money Conversations PHOTO: HOW TO MONEY

Joel Larsgaard and Matt Altmix, co-hosts of the podcast How to Money, talk about their efforts to make it easier for people to have conversations about their finances.

I’m so fascinated (some might say obsessed) with the art of handling money well as an adult. So Matt and I are on a mission to end the stigma of money conversations. We’ve seen just how hard a lack of

financial knowledge and a willingness to face financial problems head on can be. Whether you are single, married, or in a long-term partnership, starting a money dialogue gets the ball rolling and initiates progress.

Matt Altmix: And if the conversations get the personal finance ball rolling, then having financial goals are what keep that ball rolling. On the podcast, we call this the “Why Behind Your Money.” It’s so important for each individual person or family to identify this “why” early on, because if you don’t have any sort of long-term goal that you’re striving after, you’re going to lose steam. Before you know it, you’re back to your old, sloppy spending habits. So figuring out your “why” is crucial. For some it’s the ability to buy their first home, or maybe the option to leave a high-stress work environment in favor of launching their own business. For others, it’s the desire to stay at home once there’s a baby on the scene. But it’s important to know what you want your life to look like and allow your money decisions to flow from that. Nietzsche said that “He who has a why to live for, can bear almost any how.” This is certainly the case for how we approach our personal finances. n

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How to Overcome Debt — and Leave the Stress Behind For the millions of Americans dealing with crushing debt, solving the problem starts with knowing their options.

or many Americans, stress debt is the norm — total consumer debt sits at a whopping $14.2 trillion, and the average personal debt is $92,727. “A big contributor to debt stress is uncertainty,” says Freddie Huynh, vice president of data optimization at Freedom Financial Network, a leader in debt resolution services. “The key is, get a good plan and stick to it.” Financial literacy That plan starts with financial literacy. “Financial literacy is understanding

how the decisions you make every day are going to impact you,” explains Sean Fox, president and chief revenue officer at Financial Freedom Network. “Ask yourself five questions,” Huynh suggests. “Do you have a personal budget? An emergency fund? A plan for retirement? A plan to pay off debt? Do you know your credit score?” Those questions can help identify gaps in your financial literacy. Closing those gaps can help you avoid financial and emotional stress. Freedom Financial Network offers tools to help educate you about debt and other financial matters.

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Dealing with debt “Having support and a defined process are critical,” notes Fox. “Find a system or program that can give you structure.” For example, a debt settlement solution like Freedom Debt Relief can help you outline and create a customized debt resolution plan. Most people are aware of two solutions — more debt in the form of new loans, or bankruptcy, which can carry a stigma and long-term impacts on the credit score. The debt settlement process allows for negotiation instead, which can reduce the amount that you owe your creditors.

“Be willing to talk about your debt challenges,” Fox says. “There are a lot of people who are in the same position that you’re in. At the end of the day, you’re not alone.” n Jeff Somers

To read more about the benefits of debt settlement and other debt solutions like Freedom Debt Relief, visit freedomfinancialnetwork.com

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Money Moves to Make in an Uncertain Economy

How a Certified Financial Planner Can Help You Prepare for the Future

What is your top advice for people attempting to improve their financial well-being? Invest time and money into your financial education. I have been a CFP for 15 years and have learned a ton over the years with my school, education courses, and working with clients, and still to this day I spend time and money constantly learning about new financial topics and strategies. You should commit to your financial education and every year build upon it, depending on where you are at in your financial life and your goals. Learning is fun and the greatest masters of the world

As many of us wait out COVID-19, the financial world keeps turning. Global stock markets remain open and banks are still handling transactions. Meanwhile, at home, bills still need to get paid and our money stays in motion. So what can you do to keep your finances on track? We believe there are several options. And while you can’t change what’s happening in the rest of the world, you can take control of your finances. Here’s how: Get a holistic view Start by making a list of all your accounts and note their balances. This is something you can easily do with free money tools like Personal Capital, which allows you to link your accounts to a secure dashboard so you can evaluate your finances holistically, in one place.

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Brittney Castro is a certified financial planner (CFP) for Mint, and the CEO and founder of Financially Wise, a Los Angeles-based financial planning and education firm whose mission is to teach individuals and couples the art of managing their finances in a thoughtful and proactive way.

There are many ways to keep your finances on track, even during uncertain times.

constantly spend time improving their craft, skills, wisdom, and knowledge. Enroll in an investing course, hire a financial planner or coach, find a financial mentor, read financial books and blogs, monitor your spending in an app, and spend time every week improving your financial wisdom.

them about money, but that will inspire as well. A few of my favorites are “The Science of Getting Rich” by Wallace Wattles and ”A Random Walk Down Wall Street” by Burton Malkiel.

What are the best ways to improve financial literacy?

Though you can never know what the future will hold, you can give yourself a safety net to deal with the unexpected by having an emergency fund. Setting up an emergency fund means you are creating a cash cushion to cover you when any emergencies or unexpected events occur. n

Educate yourself on smart money management strategies by turning to financial blogs and trusted news sources, or reach out to a CFP to help you. I also encourage people to read books that not only teach

How can you financially plan for the unexpected?

Consider a budget Take a look at your cash flow. Are you saving enough? You can use the budgeting feature in the Personal Capital dashboard to see your spending across all of your accounts over time and look for areas you can adjust. Make a plan Want a professional opinion on your portfolio? A year ago, your strategy probably made sense, but a lot has changed since then. Personal Capital offers a free, one-time consultation with a fiduciary financial advisor. Start making your plan today by visiting PersonalCapital.com. Advisory services are offered for a fee by Personal Capital Advisors Corporation (“PCAC”), a registered investment adviser with the Securities and Exchange Commission. Registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not indicative of future returns. You may lose money. PCAC is a wholly owned subsidiary of Personal Capital Corporation (“PCC”), an Empower company. PCC is a wholly owned subsidiary of Empower Holdings, LLC. © 2020 Personal Capital Corporation. All rights reserved. Vince Maniago, Personal Capital

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How to Take Control of Your Financial Future Sean Fox President, Freedom Financial Network

Cathy Curtis Certified Financial Planner, Founder, Curtis Financial Planning

David Flores Director of Client Services and Program Performance, GreenPath Financial Wellness

Bill McDermott VP of Direct-toConsumer Sales, SBLI

Our panel of experts talked about how you can get a handle on your finances by planning for the future and guarding against unpredictable life events.

How important is it to have an individualized plan to overcome debt? Sean Fox: Each person’s amount of debt, type of debt, financial situation, hardships, and life circumstances will be different, which means each person’s debt plan should be unique. Some people will be able to pay off their debt on their own with the help of a good budget. Others may find that a personal loan or balance transfer will help them eliminate debt. Still others may look to credit counseling or debt settlement to provide the support, partnership, and plan to get themselves out of their debt situation. For women in particular, what advice do you have for trying to gain control of one’s financial future?

Cathy Curtis: My first piece of advice for women is to take ownership of their finances. Don’t delegate it to someone else to take care of, whether it be a relative, significant other, or spouse. If married, a team approach to the household finances most benefits women, so they know where the accounts are and are in the loop on all key financial decisions. In this way, if something should happen to the marriage or your spouse, you will have peace of mind knowing that you understand the finances. Seek out a trusted professional if you have the resources and you don’t have the interest or time to do it yourself. Just make sure that adviser is a fiduciary. What’s the best way to improve one’s financial literacy?

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David Flores: A secure financial future depends on getting access to trusted and relevant information about financial health, especially around credit and debt. Becoming informed about finances is powerful, but that information must come from trustworthy sources, such as the Consumer Financial Protection Bureau. Nonprofits certified by the nation’s largest nonprofit financial counseling organization, the National Foundation for Credit Counseling, are also good sources of information to improve financial literacy. Additionally counselors who are HUD-certified can provide education, information, and resources around the needs of potential and current homeowners and renters. There are many useful articles, webinars, and learning experiences available online that are specifically designed

to provide trusted information that empowers financial wellness and literacy. One of the topics you might look into is what goes into a person’s credit score. Articles and videos will focus on the five factors that go into a person’s credit score, so people have the knowledge to improve their financial situation. People can work through online learning experiences and other educational resources to help them understand issues around topics including managing student loans, housing financing (such as forbearance and avoiding foreclosure), and how to use credit cards wisely. When should someone begin thinking about life insurance and what are the first steps? Bill McDermott: I think having a life insurance policy

is crucial any time you have other people who benefit from your income, or who would be burdened by your debt. So, it is best to actually think about life insurance ahead of various major life events, like getting married, having children, taking on student loans, and even buying a house. Those are the most often identified times when you should be protecting your income, so you can protect the financial future of your family. Many people mistakenly assume life insurance is only for married people, but we work with so many single people who have parents or other loved ones who benefit from their income or would be liable for their debts. The first steps should always include understanding your current situation and future plans, as well as speaking to a life insurance professional. n

Taking Steps Toward Better Financial Well-Being Dr. Elizabeth Dunn Chief Science Officer, Happy Money

Jen Sincero Author, “You Are a Badass”

Talaat & Tai McNeely Co-Hosts, His & Her Money podcast

Hannah Moore, CFP® Financial Planner, Guiding Wealth

Our panel of experts shared some of the key things that keep people from achieving financial wellness, and what they can do to better manage, save, and spend their money.

What is your top advice for people attempting to improve their financial well-being? Elizabeth Dunn: My top advice is to focus less on how much money you have and more on what you do with it. You can be happy with even a modest income if you are choosing carefully and mindfully how you spend it, not racking up debt, and putting a little money away for savings. Financial well-being isn’t about making a certain amount of money — it’s about feeling like you have the money you need in order to do the things that are important to you. Of course, there’s a tendency to focus on climbing the income ladder. However,

research has revealed that while income matters for happiness, it’s far from the only thing that matters. So instead of focusing on getting more money, which can sometimes be outside your control, you can instead focus on doing the things that are important to you, and saving and spending in accordance with your values. You have control over that part of the equation, and you have control over it now. Jen Sincero: One of the most important things is getting into the habit of speaking about money in a positive light. I think we generally focus on the actions we take around money, increasing our incomes or investing wisely or budgeting our money. All those things are

really important, but they have to go hand-in-hand with a wealth mindset. We’ve equated the desire for wealth with greed, and nobody wants to be greedy. You’re really giving yourself permission to make money and then set about with specific ways to increase your wealth consciousness. Tai McNeely: The pandemic has taught people to not get comfortable with just their typical 9-to-5. Look at some of your talents, look at ways you can make extra income in case something happens with your main source of income. This may not be a long-term thing. Maybe it’ll help build up your emergency fund or your savings, or pay down some debt or just allow you

to have some living expenses in the meantime while you’re transitioning between employment. Do you have any best practices for improving one’s financial literacy? Hannah Moore: Start by changing the narrative. I’ve heard so many people say they are “bad at money,” but they really aren’t. They haven’t found a system and a way of thinking about money in a way that resonates with them. If you are reading blogs and getting information that just isn’t making sense, keep looking. It’s important for you to find a system and way of thinking about your money that makes sense to you, because once you

do, it will be far easier to make lasting change. What are some strategies for couples to improve their shared financial well-being? Talaat McNeely: The first thing is to have an honest, transparent conversation about where you are financially. A lot of people have dreams and ambitions about the future, but they don’t take the same painstaking effort to find out what their current financial picture is. It’s important for couples to sit down and paint a picture of their current financial situation, because you don’t know how much wellbeing you’re going to need if you don’t know how sick your finances are now. n

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How Side Hustles Can Create Financial “Breathing Room” in Your Budget We asked Nick Loper, host of the award-winning Side Hustle Show podcast, about the best ways to boost your weekly personal profit. What is your top advice for people attempting to improve their financial well-being? You are the CEO of your own life. That means you’re responsible for the profitability of your household — no one else is going to do it for you. The first step is to take an honest look at your monthly financial picture. How much do you bring in and how much do you spend? What’s left over is your personal “profit.” (And if it’s more than 5 percent of your income, congrats — you’re doing better than average!) After you’ve run your numbers, I recommend tackling the profitability problem from both sides. That means spending intentionally and cutting costs that don’t serve you, and since there’s only so much you can cut, looking for ways to increase your income as well. The numbers don’t lie, so don’t hide from them or be afraid of them. You need to get an accurate picture of where you’re at today in terms of income, expenses, assets, and liabilities. Do you have any best practices for improving one’s financial literacy? You don’t need a finance degree to gain a basic understanding, but I do think it’s critically important to educate yourself on how to manage your money. Check out books like “Your Money or Your Life,” “I Will Teach You To Be Rich,” and “Rich Dad, Poor Dad.” The latter was formative for me on the concepts of buying or building assets, and investing for cash flow. “Whiteboard Finance” on YouTube is a tremendous free resource, just to add into your weekly routine and get yourself thinking about this stuff. I also think ChooseFI is an inspiring podcast choice on achieving financial independence.

Empowering Women to Achieve Financial Wellness COVID-19 has exacerbated wealth inequality, but research from the TIAA InstituteGFLEC Personal Finance Index reveals that economic inequality among women existed prior to the pandemic. We are quickly approaching the one-year anniversary of COVID-19 being declared a pandemic, yet economic hardship remains pervasive. The economic impact of COVID-19 has exposed and exacerbated deepseated financial inequality: Some people have experienced much greater financial hardship than others, with women hit hardest. The causes of wealth inequality are complex. However, research from the Global Financial Literacy Excellence Center (GFLEC) at George Washington University shows financial literacy is essential if an individual’s financial life is to flourish. Financially knowledgeable individuals are more likely to have wealth in retirement, manage their debt wisely, and have higher levels of financial well-being. They are also more likely to be prepared for and able to cope with unexpected expenses. Yet financial knowledge remains low nationwide, with women lagging even further behind. Results from the 2020 TIAA

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Institute-GFLEC Personal Finance (P-Fin) Index, conducted in January of that year, revealed that many women are ill-positioned to handle a crisis and were in that position even before the pandemic. Measuring financial knowledge Through a series of financial literacy assessment questions, the P-Fin Index measures financial knowledge in eight functional areas — such as borrowing, investing, insuring, and managing risk — in which individuals routinely operate. From its inception in 2017, the assessment’s nuanced approach has allowed for deeper analysis into not only how much people know but what they know. Findings from the 2020 index show that women are less financially knowledgeable than men, with men, on average, able to answer 56 percent of the financial literacy questions correctly compared to only 49 percent of women. Moreover, among women, there are large differences in financial knowledge, and these differences have meaningful implications in both the short and long term. Financially literate women are less likely to have difficulty making ends meet, feel less constrained by their debt, and are more likely to invest, save, and plan for retirement. They are also more likely to be financially resilient; they report having the

ability to cope with an unexpected expense. Yet Black and Hispanic women performed significantly worse on the financial literacy assessment and exhibited much lower financial resilience and wellness compared to white women. A majority of white women (77 percent) reported they could cope with an unexpected $2,000 expense, compared to just 55 percent of Black and Hispanic women. A path forward While these statistics can be disheartening, there is good news and an opportunity for a more equitable path forward: financial education. Research increasingly shows that financial education can improve financial knowledge among the young and adult populations. Women who received financial education scored 13 percentage points higher on the financial literacy assessment than those who did not. Additionally, results from the P-Fin Index tell us that the concepts women most struggle with are investing and comprehending risk. Comprehending risk is about making decisions amid uncertainty and is key to knowing how to manage risk, which is an increasingly important skill today. Financial education can help to narrow some of the gaps in financial knowledge. However, financial education needs to address complex topics, such as risk management, and do so with an awareness of the diverse needs of individuals based on their gender, race, and ethnicity. As the economy recovers, we should consider the important role financial literacy and education have in helping ensure all individuals are included in this recovery. n

Annamaria Lusardi, Founder and Academic Director; Hallie Davis, Senior Research Associate, GFLEC, The George Washington University

How to Minimize Student Loan Debt at Each Stage of Education Student loan debt can have a major impact on your financial plans. Here are some tactics for minimizing debt before, during, and after college.

inancial aid has become the main way for most people to afford higher education. But while financial aid does enable college attendance, sadly, the average student will owe approximately $30,000 in debt after graduation. Student loan debt obligations have major, long-term financial implications. They can force you to work longer in jobs you don’t enjoy, limit your ability to qualify for mortgages, and make saving for long-term financial goals — like retirement — a significant challenge. You don’t always need financial aid to attend your chosen university. At each level of your education, you can take action to reduce your dependency on student loans. Before college Before you pursue higher education, first ask yourself why you’re doing this. Does the type of job you want even require a four-year degree? Is there another, less expensive career path in which you may be interested? Next, determine the potential return on investment (ROI) of college and perform a break-even analysis. Will your desired degree enable you to earn a lifelong salary that

equals several times the complete cost of attending college? In addition to ROI, calculate how many years you’d have to work at your new job to pay for the education. You can also save a lot of money by earning college credit early, before even setting foot on campus. Look into AP classes or dual enrollment programs that offer college credits. During college Once you’re in college, you’ll want to get in front of your expenses. To better understand

the costs you’ll face, make a detailed list of the initial and ongoing expenses you’ll expect to pay year after year. Can any of them be reduced or eliminated altogether? See if you can accelerate your graduation by taking a few extra credits per semester, taking online courses, or enrolling in summer semesters. You may be able to compress your timeline by as much as a full year. Reduce the amount you owe by looking into possible grants, scholarships, and work/study programs. Check with your

local student resources department for available options. Another way to keep your costs down is by minimizing your living expenses. Consider living at home or getting a roommate to help reduce housing costs. You can also buy used textbooks, accept handme-down furniture, and take advantage of every student discount that’s offered. After college After graduating, it’s time to start paying back your student loans. Accurately calculate how

much you can afford to pay toward your loans each month, balanced against the rest of your living expenses. When paying back your loans, minimize the amount you pay by strategically paying down the loan with the highest interest rate first. When that’s eliminated, tackle the one with the next highest interest rate, and so on. You can save even more by exploring refinance and consolidation options. Thousands of lenders offer opportunities to refinance contracts at lower interest rates or alternate terms. If you’ve got several loans, consolidating them into one new loan with a lower interest rate may be worthwhile. Finally, if you’re struggling to pay back your student loans, don’t be afraid to ask for help. You can contact the lender to change the due date or explore other repayment arrangements. Don’t get caught in the clutches of student loan debt. Plan ahead financially at every stage of your education to minimize how much you’ll need to borrow. The more you do now, the less you’ll have to worry about when you graduate and the sooner you can move into adulthood. n Vince Shorb, CEO, National Financial Educators Council (NFEC)

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Self-Made Millionaire Ramit Sethi’s Financial Advice for Freelancers Regardless of the industry, freelancers and other self-employed professionals need to focus on both business and their finances. “It is as important to manage your personal finances as it is to manage your business finances,” said Ramit Sethi, author of “I Will Teach You to Be Rich” and founder of GrowthLab.com, created to help entrepreneurs. He says often freelancers and business owners stay busy and therefore assume business is profitable. “At the end of the year, they look at how much money they make, and they are shocked to discover they actually didn’t make as much as they thought or in many cases, they actually lost money,” he said. Sethi says self-employed professionals need to have their personal finances organized, optimized, and automated. That means bills should be on autopay and they should be investing every single month outside of their business and in long-term investments. Setting rates When it comes to determining how much to charge clients, don’t undervalue yourself. “The most common pricing mistake that business owners make is they think that the only way to get more clients is to lower their prices,” Sethi said. “This makes perfect sense because most people in life are cheap. So, most business owners think their clients are cheap. This is a fatal mistake.” While it’s important to understand the market rate and to know what your competitors charge, your focus should be on how you can overdeliver your services and be able to charge top-of-themarket prices. Work for free While it’s a controversial idea, working for free could be a smart move for a freelancer. Sethi advises only working for free if it helps you build a network where you want to work with someone trusted who can introduce you to other clients. Invest in yourself Sethi encourages self-employed professionals to listen to their customers and understand what the customers truly want. Next, invest in yourself by taking business training “If you are not willing to invest in yourself and your business, then why should your client be willing to invest in yours?” Sethi said. Kristen Castillo

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Protecting Your Family With the Right Amount of Life Insurance A growing number of Americans have showed interest in purchasing life insurance, but misconceptions about the process persist.

other financial products. One important insight we learned is that many American families were in a difficult financial position before the pandemic began.

This month marks the oneyear anniversary of COVID19 being declared a pandemic by the World Health Organization. The crisis has brought physical, emotional, and economic distress to so many. More than 26 million Americans have been infected with COVID-19 and more than 500,000 have died as a result in the United States alone. While we all expect a much brighter future as vaccinations become more widespread, none of us will forget the damage and destruction this virus has caused. As a not-for-profit trade association, LIMRA studies consumers’ attitudes, preferences, and behaviors regarding life insurance and

By the numbers Last year, 44 percent of households said they would face financial hardship within six months if the primary wage earner were to die prematurely. For 28 percent of households, financial hardship would set in within one month. I suspect these numbers are even worse today given the high unemployment levels experienced throughout the pandemic. We also know Americans’ awareness of the need for life insurance is greater today than it has been in years. According to LIMRA research, 29 percent of adults say they are more likely to purchase life insurance in the near future as a result of the pandemic, and 68 percent of peo-

ple who already own insurance say they are more likely to purchase more coverage in response to COVID-19. Overall, our research estimates that 60 million American households are uninsured or underinsured, without enough to fully cover their needs. As an industry, our mission is to help consumers achieve a level of financial peace of mind that comes with knowing their loved ones are protected. Ultimately, it is up to every American to take action. The COVID-19 pandemic has been a massive challenge for Americans and for all people across the world. In environments like this, we learn and understand our true vulnerabilities. I encourage all of you to make sure you have adequate life insurance coverage to protect your loved ones. n David Levenson, President and CEO, LIMRA, LOMA, and LL Global, Inc.