Nationwide Funds announced that its in-depth investor sentiment survey conducted by
Perhaps even more frightening, especially in light of Financial Planning Week taking place
"We live in an era when Americans are more responsible for their own financial security than ever before," said
Of the investors who have no financial plan, 31 percent stated they have not gotten around to crafting one yet, 20 percent said they do not need one, 16 percent said they do not know how to create one and 15 percent responded that they do not need a formal financial plan because "all of the information I need is in my head."
"An effective plan is much more than opening a savings account or investing in your employer's 401(k), it's a map to ensure that you get to your financial destination," Spangler said. "The positive news is people don't need to go it alone, but can benefit from the expertise of an investment professional who can take a macro-level view and help them with their financial goals, whether it's buying a home, paying for a child's education, or saving for retirement."
According to the survey, of the 783 potential investors over the age of 18 who had at least
Of those investors that do work with a financial advisor, 19 percent said they do so because they feel they need help to make better investment decisions or need more information and options regarding various investment opportunities. In addition, 17 percent said they turn to a financial advisor in order to avail themselves of the professional's knowledge, expertise and investment success.
"These findings demonstrate several significant gaps that financial advisors can bridge to educate investors about the importance of a robust financial plan and various investment products that can help them to meet their financial goals," said Spangler. "By working with an advisor who can assess an investor's goals, assets and risk tolerance, the path to achieving those objectives and preparing for a secure retirement becomes significantly smoother."
The survey was conducted online within
Nationwide Funds is the mutual fund business of
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