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Financial planning not properly documented

06/20/11


While a majority of Americans believe they have a financial plan in place, experts have found that most do not write these plans down. KRC Research for the Certified Financial Planner Board of Standards polled 1,011 adults and discovered the fact that only 46 percent of Americans who claim to have a financial plan have not moved beyond the idea stage.

However, close to 86 percent of individuals polled believe that everyone should have a financial plan.

"It's good to see the awareness that planning is the way to go," Eleanor Blayney, the board's consumer advocate told the media outlet. "People know it's worth doing, but they haven't really done it, so now it's a matter of transforming attitudes into getting-it-done behavior."


Putting money in annuities and other long-term investments can help individuals make a sound financial plan. For Americans that do not have a plan already in place, some experts believe that speaking with a financial adviser can be helpful.

While many people believe that a financial planner may be too expensive, not having a plan in place may end up costing individuals much more in the long run.
 

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