Let’s begin with a question: what do we know about the finances of Americans in 2023?
At this point in the recovery from the COVID pandemic, the number are sobering.
- In 2019, the Governors of the Federal Reserve System reported that 75% of Americans were “doing okay or living comfortably financially.”
- According to a 2023 CNBC survey, 75% of Americans say they are stressed about finances.
- As of November 2022, three out of four of U.S. adults who made less than $50,000 were living paycheck to paycheck, compared to two out of three of those making $50K to $100K and almost half Americans making over $100K.
- In 2023, 60% of adults live paycheck to paycheck.
- Almost half of Americans have less savings or no savings compared to a year ago.
For some, financial scarcity represents a true survival threat.
- In 2023, 44 to 54 million Americans are food insecure.
- Up to one in five American children are hungry.
- More than half a million Americans experienced homelessness in 2023
More and more Americans are financially insecure.
How can you use this sobering information?
Your physician clients compare themselves to others. Some “compare up” and think they’re behind their colleagues who have material things they want. Instead, use this data to “compare down.” Say to your prospects and clients, “Doctor, look how well you compare to surveyed Americans.” Or, “Doctor, look, you are not alone.”
Invite your doctor clients to focus on gratitude for all that they have.
Understand that today, doctor prospects could be living paycheck-to-paycheck. This is not because they have an income problem; many of them earn six or seven figures. They have a money HABIT problem. They outspend their incomes. You can help them right the financial ship. In so doing, you will be rewarded with a delighted client for life.
Remember that your clients need your financial leadership.
Thank you for the work you do!
What do you think?