The state of personal financial planning in the US
Nice little infographic on the state of financial planning in America. I’ve always been an advocate of trying to find ways to provide better financial advice to the masses, as it’s one of the more complex things for everyday people to grasp – and the risks of getting it wrong are high. I often find that even though I’ve been lucky enough to get a high level of education, and I work with business planning everyday, it’s still challenging to be able to make informed decisions for my own personal finances. The greater masses must really struggle sometimes, too. To add insult to injury, the state of financial regulation in the US and many other places (Australia’s financial regulation has performed better than other countries, but is not perfect) means that many ‘everyday joes’ in the US have lost trust and faith in financial planners, advisers and anyone who is perceived to have ben a part of ‘the system’ that resulted in the GFC (version 1 and version 2).
Saw this nice little infographic which gives a quick snapshot (I’d love to see lots of other different perspectives and research) of how Americans are faring with their personal financial planning. Up to 45% don’t have a strong plan to achieve their financial goals, while 60% admitted they need help. That’s huge.