SAN ANTONIO, Jan. 15, 2019 /PRNewswire/ -- Optimists are
seven times as likely to experience greater financial health than
pessimists, according to a recent study by Frost Bank in
partnership with positive psychology researcher Michelle
Gielan.
"It's no secret that most of us are affected by financial
stress. Our research found that two-thirds of Americans feel they
are just getting by financially, and more than half say finances
control their lives at times," said Ericka
Pullin, Senior Vice President, Research and Strategy at
Frost Bank. "But for optimists, we found that their mindset is more
powerful than current circumstances, while the opposite is true for
pessimists. And that optimistic mindset can have a positive effect
on a person's financial health."
In addition to identifying a positive correlation between
optimism and financial health regardless of wealth, income and
other factors, the national survey found that:
- 90 percent of optimists have saved for a major purchase,
compared to 70 percent of pessimists
- 75 percent of optimists have gotten creative with ways to save
money, compared to 60 percent of pessimists
- 61 percent of optimists have started an emergency fund,
compared to 43 percent of pessimists
"In the field of positive psychology, we define optimism as the
expectation of good things to happen and the belief that behavior
matters, especially in the face of challenges," said Gielan.
"What's exciting to me is the research uncovers money management
behaviors that optimists have and others can adopt. This is
significant because previous research proves that you can train
your brain to be more optimistic by adopting optimistic
behaviors."
With the survey finding that 91 percent of Americans have a
desire to be more optimistic, Frost uncovered simple habits people
can adopt to improve their optimism and financial health
including:
- Take the taboo out of money. Seventy-six percent of
optimists say they are comfortable talking about money compared to
53 percent of pessimists, and they are more interested than
pessimists in learning about money (43 percent vs. 33 percent
extremely or very interested). Optimists are also more likely than
pessimists to seek (59 percent vs. 42 percent) and then follow
expert financial advice (63 percent vs. 40 percent*).
- Seek progress, not perfection. Optimists aren't perfect.
They still experience financial stress (81 days a year on average),
and most have only a rough financial plan (54 percent) over a
detailed one (35 percent). They find simply making progress toward
financial goals matters – 58 percent feel optimistic about their
personal finances because they are making progress towards
financial goals.
- Expect the unexpected. Being optimistic doesn't shield
people from financial challenges. Optimists still face financial
setbacks – they've faced an average of four setbacks compared to
eight for pessimists surveyed – but optimists use them as an
opportunity to learn. In fact, 90 percent of optimists surveyed
said they've recovered from their last setback compared to 59
percent of pessimists, and 69 percent completely or mostly
implemented better financial habits versus 36 percent of
pessimists.
"By implementing these simple habits, you can not only improve
your financial health, but potentially decrease your financial
stress," said Pullin. "We found that optimists in our survey
experience an average of 145 less days of financial stress on
average per year than pessimists."
The survey is part of Frost Bank's Opt for Optimism initiative
to help people unlock the power of optimism and improve their
physical, emotional and financial health. Frost launched Opt for
Optimism in response to the rising uncertainty, isolation and
stress levels Americans are experiencing. Visit
optforoptimism.com to learn more and to sign up for the
30-Day Optimism Challenge to increase optimism and help improve
financial health.
About Frost Bank
Cullen/Frost Bankers, Inc. (NYSE: CFR) is a financial holding
company, headquartered in San
Antonio, with $31.2 billion in
assets at Sept. 30, 2018. One of the
50 largest U.S. banks, Frost provides a wide range of banking,
investments and insurance services to businesses and individuals
across Texas in the Austin, Corpus
Christi, Dallas,
Fort Worth, Houston, Permian Basin, Rio Grande Valley and
San Antonio regions. Founded in
1868, Frost has helped clients with their financial needs during
three centuries. Additional information is available at
frostbank.com.
About Michelle Gielan
Michelle Gielan has spent the past
decade researching the link between optimism and success. She
is the founder of the Institute for Applied Positive Research and
is the bestselling author of Broadcasting Happiness: The
Science of Igniting and Sustaining Positive Change. Michelle is
an Executive Producer of "The Happiness Advantage" on PBS and
a featured professor in Oprah's Happiness course. She formerly
served as anchor of "The CBS Morning News," and her research has
received attention from dozens of media outlets including The
Washington Post, FORBES, The New York Times and Harvard Business
Review. Michelle holds an advanced degree in positive
psychology from the University of
Pennsylvania.
Survey Methodology
Frost engaged TRUE Global Intelligence, the in-house research
practice of FleishmanHillard, and positive psychology expert
Michelle Gielan to develop and field an online survey on behalf of
Frost to further explore the link between optimism and financial
health, as well as the habits, attitudes and beliefs of optimists.
The sample size consisted of 2,002 Americans aged 18 years and
older and was fielded between Sept. 20 and
Sept. 28, 2018. The survey was offered in both English and
Spanish, with respondents selecting the language of their choice.
One percent of the sample opted to take the survey in Spanish. The
data have been weighted to reflect the U.S. adult population in
terms of age, gender, region, race/ethnicity, income and
employment. The margin of error is +/-2.2% and higher for
subgroups. The survey assessed optimism using methodology
prescribed by the Life Orientation Test and financial health using
the Consumer Financial Protection Bureau Financial Well-Being
Scale.
Bill Day
Media Relations
210-220-5427 office
210-288-5898 mobile
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SOURCE Frost Bank