Advisers Help with Current and Future Financial Goals

Northwestern Mutual’s 2018 Planning & Progress Study found that 67% of Americans who work with a financial adviser believe they know how much to spend now and to save for the future. By comparison, this is true for only 44% of those without an adviser.

Thirty-four percent of those without an adviser say they are “not at all confident” they have the balance between spending and saving correct. This is true for only 13% of those with an adviser. Sixty percent of those without an adviser say debt reduction is a top priority, while 37% of those with an adviser say the same.

“Financial decision-making can be overwhelming, especially when juggling a number of competing priorities,” says Sandy Botcher, vice president of distribution at Northwestern Mutual. “A financial adviser has the expertise and objectivity to see the whole picture and develop a strategy that’s flexible enough to enjoy life today while securing tomorrow.”

The study also found that 54% of those with an adviser say they feel very financially secure. By comparison, this is true for only 21% of those without an adviser. Seventy-five percent of those with advisers say they are disciplined or very disciplined financial planners, relative to just 37% of those without an adviser.

Additionally, 59% of those with an adviser believe that if they work past traditional retirement age, it will be by choice rather than necessity. By comparison, 61% of those without an adviser think they will work past retirement age due to necessity.

Seventy percent of those with an adviser think their plan can endure market cycles, whereas only 29% of those without an adviser share the same opinion.

Harris Poll conducted the online survey of 2,003 adults for Northwestern Mutual in March.