New survey findings from Northwestern Mutual show the advantages of working with a financial advisor.
According to the Northwestern Mutual’s Planning & Progress Study, 67% of Americans who use a financial advisor believe they have clarity on how much to spend now and save for later compared to less than half (44%) of those without an advisor.
The survey also finds that individuals without an advisor are more than twice as likely as people with an advisor (34% vs 13%) to say they are “not at all confident” they have the balance between spending and saving correct. This may be one reason why those without an advisor are more likely than those with an advisor (60% vs. 37%) to point to debt reduction as a top priority.
“Financial decision-making can be overwhelming, especially when juggling a number of competing priorities,” Sandy Botcher, vice president of distribution at Northwestern Mutual, said in a statement. “A financial advisor has the expertise and objectivity to see the whole picture and develop a strategy that’s flexible enough to enjoy life today while securing tomorrow.”
Study results also showed Americans who work with financial advisors demonstrate higher levels of retirement readiness and financial confidence.
For example, more than half of those with an advisor feel very financially secure, while 21% without an advisor said the same.