Are You In The Majority?
There was recently an article on the website, The Wall Street Cheatsheet, that postulates that the majority of Americans lack financial planning. In fact, they cite six reasons to prove their theory.
- More than 6 in 10 Americans admit their financial planning needs improvement, an increase from the figure recorded in 2012. The main excuse respondents gave for their poor planning skills is not having enough time. Not enough interest, confusion, and not knowing where to find the right help were also commonly mentioned barriers. Compared to last year, more Americans said that the single greatest barrier was confusion and a lack of time.
- Almost 50 percent Americans are either “informal” financial planners or have no plans or goals at all to straighten their finances.
- Only one-third are “disciplined”and very few, or 16 percent, say they are “highly disciplined.”Compared to 2012, there are now more non-planners and fewer disciplined planners.
- Men are more likely than women to say they are “disciplined” financial planners. Members of Generation Y, especially the youngest members of Generation Y, men, and those with the highest assets are more likely than their counterparts to consider themselves disciplined financial planners. So while 24 percent of Generation Y respondents said they were disciplined financial planners, only 16 percent of Generation X, 14 percent of the Baby Boomer generation, and 15 percent of the Mature Generation said the same.
- Three in 10 Americans,or 31 percent of respondents, say they find the immediacy of society today — characterized by 24/7connectivity— to be distracting.
- More than one and four, or 26 percent, of Americans either “often” or “always” feel too busy to think about long-term goals.
Do any or all of these sound like you? Make an appointment with a Financial Advisor at Sound Financial Strategies today.
Investment advisory services offered through Sound Financial Strategies Group, Inc.("SFSG"), a Registered Investment Adviser. Securities offered through Comprehensive Asset Management and Servicing, Inc., ("CAMAS") Member FINRA/SIPC. SFSG and CAMAS are separate and unrelated companies. The opinions voiced in this article are for general information only. They are not intended to provide specific advice or recommendations for any individual and do not constitute an endorsement by CAMAS.
Posted on Sun, September 29, 2013
by Sound Financial Strategies Group