Americans are scared their money won't last, but refuse to plan ahead until something dramatic happens
Northwestern Mutual's 2015 Planning and Progress Study surveyed over 2,000 Americans in January to find out how they feel about their money, and found that the greatest financial fears people hold are that they won't be able to afford a comfortable retirement on their savings, or that they'll be blindsided by a financial emergency.
The study also found that 58% of respondents think their financial planning needs improvement.This doesn't, however, mean they plan to do anything about it.
The problem with most of these answers is that if they're the catalyst to begin financial planning, you're already behind. Things like a change in employment status, an emergency, or a new dependent are events that are easiest to handle when you've anticipated and planned ahead for them.
When it comes to money, the less dramatic, the better.Some of the respondents agree, saying that they could be spurred to action by less-dramatic events like a free introductory session with a financial planner or witnessing a friend be successful with money.
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