Six in 10 Americans say their financial planning needs improvement, according to a new survey.
Northwestern Mutual, Milwaukee, published this finding in a summary of results from an online of 1,015 Americans conducted February 2-13. The survey evaluates respondents’ ability to meet their planning goals and respond to current economic and political conditions. The survey also assesses whether Americans feel that they’re “moving in the right direction” in such areas as debt, saving, career, finances and investing.
The greater barriers to improving financial planning, the survey respondents say, are “not enough time” (33%), “find it too confusing” (28%), “not enough interest” (21%) and “don’t know where to find the right help” (18%).
The survey finds that six in 10 Americans are taking steps to pay down their debt, develop a budget, save a portion of their paycheck regularly and build up an emergency fund. Younger Americans, typically those under 50, are more likely to cite they are planning steps involved with immediate financial health than are older Americans.
When asked about their top priorities for improvement in 2012, four in 10 (43%) of respondents cite personal finances, just behind personal health (48%), but ahead of time spent with family/friends (31%) and spiritual fulfillment (15%).