MILWAUKEE, -Results of a new Northwestern Mutual Facebook poll found that nearly half of parents have no financial plan in place, and that nearly twenty percent of parents created a plan only after having children. “The Parents and Planning Poll” asked visitors to indicate when they made the decision to create a financial plan for their future, whether it was before or during pregnancy, or after the birth of a child.
Forty five percent of the approximately 1,700 survey respondents indicated they have children, but have yet to create a financial plan. Fifteen percent of the respondents put a plan in place before pregnancy, with nine percent creating a plan during pregnancy and 17 percent following the child’s birth.
The results of the poll correspond with findings from Northwestern Mutual’s “Planning and Progress Study” released earlier this year. That study found that when it comes to financial planning, a significant percentage (38%) of Americans have a goal, but do not have an actual plan.
“Financial planning is often overlooked, when in fact it should be viewed as an important step parents can take to achieve a greater sense of security as they navigate various life phases,” says Bill Taylor, vice president of financial planning for Northwestern Mutual.
Taylor adds that it’s never too soon to start planning for the future. “We know from our research that people need and want guidance, and the best way to get started is to consult a trusted financial professional who can help build a comprehensive plan.”
About Northwestern Mutual
The Northwestern Mutual Life Insurance Company – Milwaukee, WI (Northwestern Mutual) – among the “World’s Most Admired” life insurance companies in 2012 according to FORTUNE® magazine – has helped clients achieve financial security for more than 155 years. As a mutual company with $1.2 trillion of life insurance protection in force, Northwestern Mutual has no shareholders. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time. Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company; and Russell Investments.