Community involvement is linked to higher levels of financial security, according to a new poll from Massachusetts Mutual Life Insurance Co. According to the report, nine in 10 Americans believe it is important to look out for one another, and more than half of respondents reported supporting someone in their community during a time of financial hardship. 69 percent of Americans say community involvement is vital to their overall well-being.

Community involvement is a common practice among Americans as 95 percent of all respondents reported being a part of at least one community. Half of all respondents agreed that being involved in a community improves their finances. The most commonly reported communities were family (86 percent), friend groups (65 percent) or neighborhood (50 percent). Those who pay for their community associations reported higher levels of financial comfort and confidence in their financial future (six out of 10).

The study showed Americans have varying definitions of community. Community was defined in a number of ways, including geography (81 percent), values (45 percent), culture (40 percent) and lifestyle (36 percent). Americans agree that involvement in their community improves multiple areas of their lives, including social lives (88 percent) and family lives (82 percent). 

Although the U.S. economy has continued to strengthen, many Americans may still feel the pinch of past financial uncertainty. In fact, approximately four in 10 Americans feel anxious about their current and future financial security and think about their financial well-being daily. On the other end, 53 percent of respondents report that they have supported someone in their community in a time of financial stress and 25 percent said others have supported them in their time of need.

Advisors can benefit from understanding how the smaller communities their clients are involved in may influence their finances and feelings of financial security. For example, Millennials are the most likely to be involved in their community and are often involved in multiple communities. While this generation is often marked by their technological savvy, all Americans, including Millennials prefer in-person engagement.

For some groups, community involvement improves career prospects. LGBTQ Americans are more likely to intertwine their career into the community networks they are involved in, according to the report. Seventy-two percent of LBGTQ Americans agreed that community involvement improves their career, as compared to 62 percent of non- LBGTQ Americans. The group is also more likely to participate in communities for networking (59 percent vs. 43 percent of non-LGBTQ) and mentoring (51 percent vs. 39 percent of non-LGBTQ Americans).

Ethnic background influenced the way respondents viewed their financial responsibilities. Forty-eight percent of African-Americans reported thinking about their financial security daily, the highest rate of any other racial group according to the report. Eighty percent of African-Americans reported community involvement as being important to their overall well-being.

Asian Americans were more likely to pursue their financial goals, according to the report. Sixty percent said they regularly save in a short-term savings account while 63 percent reported putting money into a retirement savings account (the highest among all ethnic groups).

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