The premise may sound like it is straight out of a New Age self-help book, but visualizing financial success helps make it come true, according to a survey by TD Bank.
According to TD Bank’s survey of 1,127 individuals and 501 small business owners, people who have a mental or actual picture of their financial goals are much more confident about achieving them than those who do not.
Fifty-nine percent of people who keep images, photos or bulletin boards with pictures of their goals are confident they will achieve them compared to 31 percent who do not.
“Our research shows that keeping visual reminders of your personal goals will help you achieve results,” says Ryan Bailey, head of retail deposit products at TD Bank.
Only 16 percent of people who visualize their goals are anxious about budgeting compared with 29 percent who do not, the survey says. At the same time, 73 percent of people who uses images or pictures to show their goals feel accomplished and happy compared to 50 percent of those who do not use images.
Psychologist Dr. Barbara Nusbaum, who analyzed the study, says “Images connect us more immediately and emotionally to our personal and financial goals, and to our setting and achieving them. And images help us in our thinking and moving toward these
Seventy-four percent of millennials keep pictures of their goals and achievements, compared with 58 percent of respondents age 35 and older. In fact, 91 percent of millennials attribute their current financial position to having envisioned a plan to get there. Hispanics also embrace the power of images. Across all age groups, 74 percent of them keep images of their goals and achievements, versus 63 percent of the broader sample size, the report says.
Nearly two-thirds (63 percent) of small-business owners believe that envisioning goals helps them map and develop their business plans. One in five used a vision board or other representation when starting their business and 82 percent of small-business owners who used a vision board from the start report that they have accomplished more than half of their goals so far.