As my practice grows, both in number of clients and the ages of new clients at both ends of the spectrum, I am consistently amazed at how many say that they never thought about using the services of a Certified Financial Planner™. In a survey by Allianz Life Insurance Company, 84% of Americans will not include financial Planning in their New Year’s resolutions.
The #1 reason why people did not include financial planning in their resolutions was their belief that they don’t make enough money to worry about it.
“It’s alarming that Americans’ willingness to ignore financial planning in their New Year’s Resolutions continues to go up year after year,” said Katie Libbe, vice president of Consumer Insights for Allianz Life. “With the responsibility for retirement security shifting from employers to individuals, people need to become more, not less, active with financial planning to ensure they have enough money to fund a retirement that could last up to 30 years.”
Unfortunately, when respondents were asked how likely they are to seek advice from a financial professional in 2013, more than a third (36 percent) responded “less likely,” up 5 percent from 2011. Only 20 percent said they were “more likely,” matching 2011, while 44 percent noted they were “unsure,” down 5 percent from the 2011 survey.
In typical American fashion, we have big desires for health and wealth, but do little to do the work necessary to achieve these goals. It’s easier to dream about the great abs but don’t do the sit-ups required.
For the second straight year, “health/wellness” topped Allianz Life’s survey as the most important focus area for the upcoming year. Forty-four percent of respondents made it their top selection followed by “financial stability” (31 percent), “employment” (15 percent) and “education” (6 percent).
If you know of someone who truly needs to establish good financial habits, which include working with a Certified Financial Planner™, please pass on this week’s email which includes links to articles about working with financial advisors.
I want to wish you a wonderful holiday season and a prosperous New Year.
To Your Successful Retirement!
Michael Ginsberg, JD, CFP®