Who likes a visit to the doctor’s office?  Exactly.

In a recent survey conducted by The Harris Poll Americans likened financial planning to a medical exam.  Adults aged 18+ were asked how they feel about financial planning.  The #1 answer was “not my favorite thing in the world but know it needs to get done like a medical checkup.”

Although 70% admitted their financial plans need improvement a combined 40% expressed a range of negative emotions about planning.

  • 17% are worried/nervous about confronting the financial details of their lives
  • 9% prefer to avoid financial planning until they absolutely have no choice
  • 9% are frustrated/annoyed with their financial situation so they deny the need to address it
  • 5% are skeptical about the value of planning so they avoid researching how it can benefit them

More than half have no plan.  Those describing themselves as “informal planners” (37%) agreed with the statement, “I have a general sense of my goals and how to meet them but do not have a plan in place.”  Another 14% agreed with the statement, “I am not a planner and have not established any goals.”

The head in the sand approach is evidenced by the fact that 34% of Americans admitted to never having spoken with anyone about financial planning.

An overwhelming majority are misguided as to what constitutes a financial plan.  Financial planning is an approach to living the lives we desire but instead of viewing it as a holistic cash flow, estate, investment, tax, insurance, SS, company benefits, etc approach that adapts to life’s twists and turns almost 80% agreed with the statement that financial planning is “making a budget and never deviating from it.”