A well-known Financial Planning and Progress Study is out, and it contains a handful of interesting results—the study examines U.S. adults by generation regarding behaviors and attitudes toward money, financial security, and decision-making.
Given market volatility during 2023, the results reflect more uncertainty. However, they also indicate that while each generation has different goals, needs, and attitudes towards money, getting financial advice from a trusted resource is a constant.
The majority of Americans believe their financial planning needs improvement. And while YouTube, TikTok, and Instagram may be the go-to for DIY needs or setting up new tech, when it comes to money, people prefer professional advice from a qualified advisor and planner.
For many, the overall goal is to have confidence and flexibility. An understanding of the choices available to you along with the various trade-offs is the best way to think about quality financial planning. It goes way beyond just investments, or even worse, frequently failed attempts at market timing.
The modern financial planner is more of a quarterback who brings together all of your goals and wishes along with other professionals in your life so you can see your entire picture and make informed decisions. As you move through your journey and things change, you can adapt and continue to thrive.
The One Thing Every Generation Worries About
Across generations, being financially prepared for retirement is a big worry. Of Gen Z, Millennials, and still-working Boomers, approximately 50% expect to be prepared for retirement. Gen X is an outlier, with even less Gen Xers having confidence they’ll be ready for retirement.
Younger generations also expect more of the burden to fall on them. Gen Z and Millennials aren’t counting on Social Security. If it’s around for them (42% don’t think it will be), they are only counting on it for 15-20% of retirement income.
How Can You Build a Confident Financial Future?
A key finding of the study is that people who work with an advisor are much more confident about their financial journey, from retirement to handling unexpected expenses to achieving financial security.
But before you can work with a financial advisor, you need to find someone you feel confident in—someone you vibe with.
How do you do that?
It comes down to selecting an advisor that understands your priorities, your goals, and your dreams. And while these are specific and different for everyone, the stage of life you are at creates a set of challenges that everyone may face at some point.
These include:
Cash flow planning
Buying an investment property
Career advice and planning
Getting the most out of your benefits
Saving for kids’ education
Equity compensation
Retirement savings
Minimizing taxes
Ensuring you have adequate insurance, including life and liability. Depending on your profession, possibly professional disability insurance
The Bottom Line
Working with an advisor and planner can help you build the future you want, while enjoying your life now and keeping options open for the future. South Coast Planning & Wealth Management works with each client to create a custom financial plan and investment portfolio based on individual goals and preferences. Customized financial plans cover investments, retirement planning, goal planning, life planning, risk management, taxes, and more.
Schedule your complimentary consultation via the following link: Contact - South Coast Planning & Wealth Management
The information contained herein is intended to be used for educational purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax or financial advice. Please consult a legal, tax or financial professional for information specific to your individual situation.
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