Planning and Progress 2014 Study: Personal finances and personal health are the top two priorities for Americans in 2014
Northwestern Mutual again explored the state of financial planning in America today to obtain insights into peoples attitudes and behaviors toward money, goal-setting and priorities. The 2014 study surveyed nearly 2,100 American adults 18 or older.
Priorities Among Americans
“Personal finances” and “personal health” are the top two priorities for Americans in 2014, ahead of things like “spending time with family and friends” and “career.” But prioritizing appears to stop short of taking action when it comes to personal finance. While six in ten adults (60%) say their financial planning needs improvement, a large majority are not seeking professional help. Two thirds of Americans don’t have a long-term financial plan and 71% do not have a financial advisor.
Download Planning and Progress 2014 – Priorities Among Americans
According to the study, the majority (70%) of American adults feel that the economy will experience future crises, and that they need a financial plan to help them weather the ups-and-downs (52%). But only two in five agree their financial plan can withstand market cycles.
Who Uses Financial Advisors According to the study, roughly three in ten U.S. adults choose to work with a financial advisor. A closer look at them reveals:
- They’re focused – Sixty nine percent of those who use advisors consider themselves disciplined planners and 68% feel very financially secure.
- They have more grey hair – Americans aged 60 and older are three times as likely as those aged 18-29 to use an advisor (41% versus 13%).
- They have larger families – Those who are married or living with their partner are twice as likely as those not married to use an advisor (33% versus 17%), and parents are more likely to enlist the services of a professional financial advisor more often than those without children (34% versus 20%).
The Study found that, among American adults who do have long-term financial plans, too many are not taking the time to revisit them to help ensure they evolve with changing needs and goals over time. For example, the study found that one in four (25%) Americans with written financial plans review them quarterly and 30% review them annually.
Read more: 2014 Planning and Progress