According to a survey released by Certified Financial Planner Board of Standards, Inc., more than four in five (86%) respondents agree with the statement, “Everyone should have a financial plan. Even if you have very little money it is good to know in advance how you will spend it and the best means of growing what you have.”
Seventy-nine percent of respondents claimed to have a financial plan in place, however, the majority of respondents do not have an official, written document, as 46% said they just have a plan in their head, and 11% only have notes or ideas written down. Forty-two percent of respondents said they had an official written plan.
Trust in financial planners has been shaken due to the recent financial crisis. However, if given one hour with a financial planner, people would take advantage of it—focusing on retirement and budget planning. Thirty-six percent of Americans reported working with a financial planner or adviser.
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