Nearly a quarter of Americans say their biggest obstacle in planning for retirement is that they don’t have enough time, according to the 2013 Planning and Progress study released Tuesday by Northwestern Mutual.
Harris Interactive polled nearly 1,550 Americans over 25 in January for the survey, which Northwestern Mutual will release in several parts over the next few weeks.
“There’s an interesting parallel that exists between managing your finances and managing your day-to-day life in that it’s so easy to let short-term needs and wants overshadow the more critical long-term goals,” Greg Oberland, Northwestern Mutual executive vice president, said in a statement. “We’re all susceptible, particularly today, as we’re often overloaded with information and overscheduled.”
For most people surveyed by Northwestern Mutual, a financial plan is nothing more than a “general sense” of their goals and how they will achieve them. About a third have precise goals and plans to achieve them (down from 38% in 2012), but admit they don’t always stick to those plans. Just 16% of respondents said they rarely deviated from their established financial plan.