The Power of Visualization

By Ayo Mseka

A lot has been written about the power of images and how picturing your success can actually help you achieve it. But are people who visualize their financial success more confident about achieving it than those who don’t?
 
TD Bank decided to find out the answer to this intriguing question by surveying 1,127 individuals and 501 small-business owners across the U.S. about their visualization practices. The survey’s findings might help move you one step closer to the attainment of your goals.
 
According to the survey, people who picture their financial and other goals are more confident about achieving them than those who don’t. In fact, those who keep images, photos or vision boards of such goals are almost twice as confident (59 percent vs. 31 percent) that they will achieve them as those who don’t.
 
"Our research shows that keeping visual reminders of your personal goals will help you achieve results," said Ryan Bailey, Head of Retail Deposit Products, TD Bank. "With that in mind, we
want to give consumers and small-business owners tools to bring their financial goals into focus and help them better budget, save and ultimately feel more satisfied.” 

Millennials are more likely to use a vision board when establishing their businesses.

The survey found that picturing goals influences how individuals feel about their finances. For example:

  • People who visualize their goals are less anxious about budgeting than those who don't.
  • Consumers who picture their achievements are more than twice as satisfied with their financial health than those who don't (38 percent vs. 18 percent).

TD Bank partnered with renowned psychologist Dr. Barbara Nusbaum in analyzing the results of this study. Dr. Nusbaum specializes in treating patients regarding the emotional and
psychological implications of money.
 
Millennials and Hispanics
Millennials, a generation that largely grew up with digital cameras and the internet, noted that visualization is a very important tool they use to accomplish their dreams. Seventy-four percent of Millennials keep pictures of their goals and achievements, compared with 58 percent of respondents ages 35 and older. In fact, 91 percent of them attribute their envisioning of a plan to where they are today.
 
Hispanics also embrace the power of images. Across all age groups, 74 percent of them keep images of their goals and achievements, compared to 63 percent of the broader sample size. Furthermore, 38 percent of Hispanics completely credit having envisioned their goals as the reason for their current financial position.
 
Visualization’s role in small business start-ups
Visualization also plays a role in starting a small business. For example, 46 percent of small-business owners started their companies because they had a vision and decided to follow it. Seeing the “big picture,” it seems, can directly impact success. For example,

  • Nearly two-thirds (63 percent) of small-business owners believe that envisioning goals helps them map and develop their business plans.
  • One in five small-business owners used a vision board or other representation when starting the business. And among those respondents, 76 percent reported that their business is today where they envisioned it would be when they started it.
  • An overwhelming 82 percent of small-business owners who used a vision board from the start reported that they have accomplished more than half of their goals thus far.

Young entrepreneurs also embrace visualization in goal-setting. For example, Millennials are more likely to use a vision board when establishing their businesses (59 percent) and developing their business plans (89 percent). 

  • Posted February 25, 2016 IN