Intuit Study Reveals Americans Feel Prosperity is Currently Out of Reach But Remain Hopeful For The Future
April 23 2019 - 8:00AM
Business Wire
Nearly 60% of Americans believe the U.S.
economy is a major barrier to achieving prosperity and living the
life they want
Intuit Inc. (Nasdaq: INTU), maker of TurboTax, QuickBooks, Mint,
and Turbo, today released findings from The Pursuit of Prosperity
Study. In support of its mission to power prosperity around the
world, Intuit surveyed more than 3,000 Americans, in partnership
with Kelton Global, to better understand the complexities of
achieving prosperity today. The study found that many Americans,
while facing many financial barriers, feel prosperity is currently
out of reach. However, they are optimistic for the future, and
fueled by a new entrepreneurial spirit.
Americans Struggle to Reach Financial Goals
The study found that nearly four out of five Americans (78%)
feel prosperity is currently out of reach. Just as many Americans
(78%) are delaying personal milestones like purchasing a home
(30%), retiring (22%), starting a family (22%), starting a business
(19%) or getting married (19%).
While prosperity means different things to different people, the
vast majority (87%) agree that achieving their financial goals is
crucial to living the life they want. However, over half of
Americans (55%) don’t feel confident in their ability to manage
their finances, and cite this as a major barrier to prosperity.
This creates financial situations which make achieving prosperity
difficult such as living paycheck-to-paycheck (45%), not having any
money in savings (44%), being too far in debt (36%) and not being
able to fully support themselves (19%).
Socioeconomic Factors Pose Threats to Prosperity
While the U.S. economy and employment data show signs of
consistent growth, they don’t paint the full picture of prosperity
in the U.S. Despite economic growth, more than half of Americans
(58%) believe the economy is a major factor holding them back from
achieving a prosperous life. In addition, nearly half of Americans
(46%) cite demographic factors like ethnicity, gender, race and
sexual orientation as hurdles to prosperity.
Despite Barriers, Americans Remain Optimistic about Financial
Success
Even with these challenges, 80% of Americans see financial
success in their future and 58% are hopeful they will achieve
prosperity over time. Moreover, while only approximately one in
five (19%) believe they are currently prosperous, Americans born
outside of the U.S. are even more hopeful to achieve a prosperous
life than their U.S.-born counterparts (71% vs. 58%).
Side Hustles and Entrepreneurism are on the Rise
Many Americans are taking their future into their own hands.
More than a third of Americans (36%) are considering getting a side
gig or an additional source of income, and 37% are considering
becoming business owners or self-employed within the next five
years.
This entrepreneurial spirit is resulting in improved quality of
life. Small business owners are nearly twice as likely to feel more
prosperous compared to those who work 9-to-5 jobs. One-third (33%)
say they have achieved prosperity because of the decision to open a
small business and be their own boss.
To learn more about the survey, visit intuit.com/prosperitystudy
and share your prosperity story using #ProsperityForAll.
Survey Methodology
This survey was fielded to 3,163 Americans ages 18+ in the U.S.
via an online survey from February 11-19, 2019. Participants are
members of opt-in panels and were recruited via email invitation.
Quotas were set using U.S. Census figures to ensure the demographic
breakdown of the sample is representative of the larger population
of U.S. adults. Statistical significance is based off a confidence
interval of 95%. A value being statistically significant compared
to another value means there is a 95% chance that the difference
between those two values is real, not just for this instance, but
that it can be translated to the population. All comparison points
within our data are statistically significant. Results of any
sample are subject to sampling variation. In this particular study,
the chances are 95 in 100 that a survey result did not vary, plus
or minus, by more than 1.7% from the result that would be obtained
if interviews had been conducted with all persons in the universe
represented by the sample. The margin of error for any subgroups
will be slightly higher. The base sizes of all subgroups within the
analysis are 100+.
About Intuit
Intuit’s mission is to Power Prosperity Around the World. Our
global products and platforms, including TurboTax, QuickBooks, Mint
and Turbo, are designed to empower consumers, self-employed and
small businesses to improve their financial lives, finding them
more money with the least amount of work, while giving them
complete confidence in their actions and decisions. Our innovative
ecosystem of financial management solutions serves approximately 50
million customers worldwide, unleashing the power of many for the
prosperity of one. Please visit us for the latest news and in-depth
information about Intuit and its brands, and find us on social.
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Scott FulmerScott_Fulmer@intuit.com650-944-4042
Intuit (NASDAQ:INTU)
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