How important is it to work with a financial advisor? According to the Northwestern Mutual’s new Planning & Progress Study, 67 percent of Americans who use a financial advisor believe they have clarity on how much to spend now and save for later compared to less than half (44 percent) of those without an advisor.
The survey also finds that individuals without an advisor are more than twice as likely as people with an advisor (34 percent vs 13 percent) to say they are “not at all confident” they have the balance between spending and saving correct. This may be one reason why those without an advisor are more likely than those with an advisor (60 percent vs. 37 percent) to point to debt reduction as a top priority.
The study also finds that a majority (59 percent) of Americans with an advisor believe that, if they work past traditional retirement age, it will be by choice rather than out of necessity. The opposite is true for those without an advisor, with 6 in 10 (61 percent) expecting to remain employed past retirement age out of necessity.
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