A poll conducted by independent financial advice firm deVere found that seven out of ten people only plan their finances for the short term but more and more are taking a longer-term perspective.
The survey included a sample of 648 people aged between 25 and 70 years old ranging from middle-income earners to HNWIs and were based in various countries including the UK, the US, Spain, Australia, France, South Africa, and the UAE.
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deVere Group asked participants: "Do you plan your finances one year ahead, one to three years ahead, or three years or more ahead?"
According to the deVere, 71% of potential clients without a financial advisor only planned their finances for the year ahead. The same poll, when conducted two years ago, showed that 82% of respondents planned their finances one year ahead.
deVere Group founder and CEO Nigel Green said: "It is encouraging that this poll finds that people appear to be increasingly planning their finances for the longer-term.
"However it is alarming indeed that still seven out of ten people across all ages, income brackets and nationalities who are without a financial adviser are exclusively thinking about their finances in the near term.
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By GlobalData"It is almost universally recognised that longer-term financial planning makes it easier to reach your financial objectives – which for most of us is financial security – because you have more time and considerably more opportunities. With a longer-term perspective, your plan acts as a roadmap for the continual growth and development of your financial affairs."
He continues: "Many people believe the myth that planning for the longer-term is more difficult than planning for the short term. This is not true.
"The difficult part is starting to plan long-term. But procrastination will leave you in limbo and is likely to cost you dearly.
"The earlier you start your long-term financial strategy, the easier the journey to hitting your financial goals will typically be. It is better to put in place a long-term plan today and revise it as you go, rather than waiting to create the perfect one tomorrow.
"If you’re serious about reaching your big, life-enhancing financial objectives, you must think and plan with a perspective that’s longer than 12 months."
