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Many Americans may not be able to realize their financial dreams

07/21/11

A new study conducted by the Principal Financial Group shows that many Americans are not doing enough to realize their financial dreams.

According to the study of 632 financial advisors, only 10 percent stated that their clients could easily visualize their financial goals. Roughly 75 percent said that not saving adequately was the main inhibiting factor, while 73 percent stated that their clients are living beyond their means.

Forty-eight percent of the advisors' clients are less than honest about their level of debt, and another 34 percent attempt to cover up their financial habits.

In terms of what gets in the way of people realizing their financial goals, 67 percent of the advisors stated that living beyond their means was the biggest problem of their clients. Loss of employment factored in to roughly half of the client base, while major life events like child birth, marriage and divorce affected 45 percent.

Senior vice president of distribution for Principal Financial, Tim Minard said "Having a dream is just the beginning of planning for a secure financial future. This study supports what we've seen reflected in our own business - that people need help to plan for their futures, and advisors are well-equipped to help clients get there."

An experienced financial advisor can provide instrumental assistance in planning for retirement and understanding financial options, from variable and fixed annuities to mutual funds.

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