Americans Confident About Own Finances, Doubt Nation’s

“With this year’s election cycle keeping financial planning topics in the headlines every day, it’s encouraging to see that individuals feel they are moving in the right direction,” Greg Oberland, Northwestern Mutual executive vice president, said in a statement. “The challenge is in staying on track over time. Throughout this study, what we’ve seen suggests that most Americans are still cautious about saving and investing, and many feel financially unprepared to live long lives. All of this is evidence of just how important it is to have a solid financial plan in place when it comes to achieving long-term financial security.”

Americans are also more confident about their own education, health and fitness than they are about the nation’s. Almost two-thirds said they were on track with their health and fitness goals, but only 23% felt the United States was doing a good job with health care. Three-quarters of Americans said their children’s education was on track and 19% said the same about the nation.

The second report in Northwestern Mutual’s series, released April 30, found 56% of Americans are financially prepared to support themselves if they live to age 75. The first report, which was released April 18, addressed Americans’ approach to financial planning and concluded that almost half have an informal approach, if they have a plan at all.