Only 38% of Arizonans surveyed have a financial plan, yet majority say expert guidance is important to find investments at the right risk tolerance (66%), take advantage of tax breaks for certain investments (73%) and make sure investments are diversified (52%), according to a study by BMO Harris Financial Advisors.
A financial plan helps people work towards their short and long-term goals, providing a roadmap that outlines the path from where they are today to where they want to be in the future.
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At BMO Harris Financial Advisors, the process begins with a financial advisor reviewing a person’s finances — including assets, liabilities, income, spending habits and investments — then building a personalized plan that takes these items and risk tolerance into account and fits with the rest of his/her life.
Forty-five percent of those who do not have a financial plan in the state cited lack of money as the primary reason. Thirty-three percent reported that they simply have not consulted anyone about a financial plan.
- Regardless, the value of a plan is not overlooked. According to the study, most Arizonans surveyed think a financial plan is important when:
- Planning for retirement – 92%
- Buying a house or making mortgage payments – 91%
- Purchasing big ticket items such as cars or appliances – 83%
- Having children (including saving for their education) – 72%
- Planning for travel – 67%
- Getting married – 63%
Of those who did create a financial plan, 80% stated that it has helped them achieve their financial goals, and 55% said they wish they would have created a financial plan sooner.
Larry Skolnik, regional sales manager, BMO Harris Financial Advisors, said: "There’s an obvious disparity with financial plans — most people know they need one, but don’t have one. No matter your in come level, a financial plan can be an essential component to achieving your financial goals and ensuring the fiscal security of you and your family. The New Year presents an ideal opportunity to get your financial house in order."
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By GlobalDataThe study found that 57% of those people surveyed in Arizona will be making a 2014 New Year’s resolution before the clock strikes midnight on December 31st, with financial resolutions accounting for 36% of all resolutions made (versus 28% nationally).
Key National Findings
At a national level, the study found that 40% of Americans surveyed have a financial plan. Of those, 85% reported that their financial plans have helped them achieve their goals, and 61% wish they had created a financial plan sooner.
For financial planning, those Americans surveyed feel they need expert assistance with:
- Finding investments at the right risk tolerance – 58%
- Taking advantage of tax breaks for certain types of investments – 62%
- Making sure investments are diversified – 54%
Additionally, respondents nationwide say a financial plan is important when:
- Planning for retirement – 92%
- Buying a house or making mortgage payments – 86%
- Purchasing big ticket items such as cars or appliances – 80%
- Having children (including saving for their education) – 76%
- Getting married – 71%
- Planning for travel – 64%
