{"id":413983,"date":"2024-09-25T07:31:00","date_gmt":"2024-09-25T07:31:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=413983"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"New-study-60-of-Americans-say-their-network-opens-doors-to-moneymaking","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/New-study-60-of-Americans-say-their-network-opens-doors-to-moneymaking\/","title":{"rendered":"New study: 60% of Americans say their network opens doors to moneymaking"},"content":{"rendered":"

(BPT) – One in three (31%) Americans say they owe the job they have now \u2014 and the salary they make (29%) \u2014 to their personal network, according to new research from Empower<\/a>, a leader in financial planning, investing, and advice. For Millennials, that number rises to 40% on both dimensions.<\/p>\n

Six in 10 Americans believe that the strength of their connections is key to success, from career advancement to pay and promotions. Half of people (50%) say it would be naive not to take advantage of personal connections. Some 75% say it\u2019s important to use your network to help others, and half of Americans say they\u2019ve actively helped others get a job (53% overall, 61% Millennials).<\/p>\n

\u201cThe \u2018Network Effect\u2019 is real, and your dream salary may be one connection away. Many Americans see the power of personal connections as a key to unlocking moneymaking opportunities,\u201d says Rebecca Rickert, head of communications at Empower. \u201cPeople view the investment of time or money as a means of paying it forward \u2014 an investment that pays back.\u201d<\/p>\n

People are also turning to their inner circles for financial help. A third of Americans (32%) say they have not saved enough and need to rely on their network to make ends meet (41% Gen Z, Millennials). One quarter receive an average of $390 per month ($4,680 annually) in financial support from relatives or personal connections. Nearly a third admit to receiving financial assistance from their parents after the age of 18 (30%) \u2014 and 45% of parents say they provide financial support to their adult children. Additionally, 28% of people have received help with living expenses such as groceries, rent, or mortgage payments.<\/p>\n

Still, 50% feel embarrassed about having to rely on others for help with money, as the majority (79%) of Americans believe it is important to be financially independent and many (57%) are doing everything they can to achieve it. Some 61% say rising prices and inflation are preventing them from getting ahead financially.<\/p>\n

The power of personal connections extends to giving back, too: 66% say paying it forward to others in this way increases their happiness<\/a>. Six in 10 Americans have paid it forward to strangers in small ways, too, like paying for the person behind them in the drive thru.<\/p>\n

More findings:<\/strong><\/p>\n