I’m obviously biased when discussing the importance financial planning. However, I’d like to present some findings that may (or may not) surprise you. At the end, you’ll find a FREE offer from us to review your financial plan and answer any questions you may have.
According to research sponsored by the CFP Board and Consumer Federation of America (CFA) in 2013, close to nine in ten American households are engaged in some type of formal or informal financial planning, but the extent of this planning varies greatly.
The research shows that only about one in five household decision makers (19%) are comprehensive planners, who take a methodical approach to financial planning, while one in ten (10%) do virtually no financial planning at all. The research further identifies nearly two-fifths of households (38%) as basic planners and one-third of households (33%) as limited planners. For more detailed information on the study, click on the image below.
One of the most compelling findings is that the more extensively a household plans, the better prepared they are financially in terms of their likelihood of saving, investing, and managing credit card debt; the higher the effectiveness of their saving, investing, and debt management; and the higher their confidence in managing their finances. While higher income households are more likely than lower income households to plan, more than half (54%) of comprehensive planners have annual incomes below $100,000.
The CFA and CFP Board undertook this research with assistance from Princeton Survey Research Associates International (PSRAI), which surveyed a representative sample of 1,002 financial decision makers nationwide from April 12 to 24, 2013. The survey included more than 60 questions and has a margin of error of plus or minus three percentage points.
Now is the time to develop a comprehensive plan to navigate through unusual financial times, and gain what money can’t buy: peace of mind. If you would like us to provide a FREE financial review and give detailed answers to any questions you might have, please click here to schedule your meeting, or call us at 913.402.6099.
John P. Chladek, MBA, CFP® is the President of Chladek Wealth Management, LLC, a fee-only financial planning and investment management firm specializing in helping families and couples who are not yet retired realize their financial goals. For more information, visit https://www.chladekwealth.com.