Filed Under:Life Insurance, Life Planning Strategies

Survey finds big differences in financial planning among Americans

Only one in five household decision-makers are comprehensive planners who take a methodical approach to financial planning.
Only one in five household decision-makers are comprehensive planners who take a methodical approach to financial planning.

Close to nine in ten American households do formal or informal financial planning but the extent of this planning varies greatly, according to new research.

Sponsored by the Consumer Federation of America (CFA) and Certified Financial Planner Board of Standards, the research shows that only one in five household decision-makers (19 percent) are comprehensive planners, who take a methodical approach to financial planning, while one in ten (10 percent) do virtually no financial planning at all. The research further identifies nearly two-fifths of households (38 percent) as basic planners and one-third of households (33 percent) as limited planners.  

Survey Items included in the Household Financial Planning Index

 

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Nichole Morford

Nichole Morford
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