The Power Of Planning:
Proven Benefits That Transform Consumer Financial Outcomes
Order Report - The Power Of Planning:: Proven Benefits That Transform Consumer Financial Outcomes
Report Overview
There is power to planning - planners save and invest more, find fewer financial tasks challenging, have more diversified and appropriately allocated portfolios, and are more confident in their financial situation. And people with written plans are in the best shape of all. More than 80% of consumers think about their financial goals and planning, however, only half actually develop a plan! This report looks at who plans by generation, lifestage, wealth group and marital status. It also looks at what inspires a consumer to plan and the most common resources used.
Key Findings
- Four out of 5 U.S. households think about long-term financial goals, with half having some sort of plan.
- Plans, especially written plans, support better financial habits and more positive outcomes.
- Inspirations for planning vary dramatically for couples vs. single consumers.
- Many consumers develop plans on their own. More Millennials and Gen X consumers use “online software/ tools” than “primary firm.”
- Financial plans of Accumulators tend to be incomplete, with some coverage of saving and investing, but neglecting other aspects of financial wellness.
- Older consumers in or near retirement are most likely to have components related to planning, with fewer reporting components related to managing.
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Sample Report Pages
Table of Contents
Methodology 1-5
Key Findings & Implications 6
Favorite Statistics 7
Related Research 8
Key Findings 9-53
1: Four out of 5 U.S. households think about long-term financial goals, with half having some sort of plan. 9-19
1.1: Exhibit 1.1 — Approach to Achieving Financial Goals: National, 2021
9
1.2: Exhibit 1.2 — Approach to Achieving Financial Goals: Sizing & Goals, 2021
10
1.3: Exhibit 1.3 — Approach to Achieving Financial Goals: by Marital Status, 2021
11
1.4: Exhibit 1.4 — Approach to Achieving Financial Goals – Have A Written Plan: by Generation, by Parents or Child-Free, 2021
12
1.5: Exhibit 1.5 — Approach to Achieving Financial Goals: by Education Level, 2021
13
1.6: Exhibit 1.6 — Approach to Achieving Financial Goals: by Investable Assets, 2021
14
1.7: Exhibit 1.7 — Approach to Achieving Financial Goals – Have A Written Plan:by Generation by Investable Assets, 2021
15
1.8: Exhibit 1.8 — Approach to Achieving Financial Goals: by Lifestage, 2021
16
1.9: Exhibit 1.9 — Approach to Achieving Financial Goals – Have A Written Plan:by Investable Assets, by Lifestage, 2021
17
1.10: Exhibit 1.10 — Crosstab of Approach to Achieving Financial Goals by Decision-Making Process Preference:National, 2021
18
1.11: Exhibit 1.11 — Approach to Achieving Financial Goals by Store: All Customer Types, 2021
19
2: Plans, especially written plans, support better financial habits and more positive outcomes. 20-26
2.1: Exhibit 2.1 — Difficulty With Selected Financial Tasks: by Approach to Achieving Financial Goals, 2021
20
2.2: Exhibit 2.2 — Comparing Approaches to Achieving Financial Goals: National, 2021
21
2.3: Exhibit 2.3 — Saving Rate Segmented by Approach to Achieving Financial Goals: by National, by Lower Income Ranges, 2021
22
2.4: Exhibit 2.4 — Saving Rate Segmented by Approach to Achieving Financial Goals: by Higher Income Ranges, 2021
23
2.5: Exhibit 2.5 — 10%+ Saving Rate Segmented by Approach to Achieving Financial Goals: by Income Ranges, 2021
24
2.6: Exhibit 2.6 — Comparing Select Attitudes & Investment Goals: by Approach to Achieving Financial Goals, 2021
25
2.7: Exhibit 2.7 — Percent of Asset Class Allocation: by Asset Class, by Approach to Achieving Financial Goals, 2021
26
3: Inspirations for planning vary dramatically for couples vs. single consumers. 27-32
3.1: Exhibit 3.1 — Inspiration for Planning for Financial Goals: by Marital Status, 2021
27
3.2: Exhibit 3.2 — Inspiration for Planning for Financial Goals: by Marital Status, by Income Ranges, 2021
28
3.3: Exhibit 3.3 — Inspiration for Planning for Financial Goals: by Generation, by Marital Status, 2021
29
3.4: Exhibit 3.4 — Inspiration for Planning for Financial Goals: by Investable Assets, by Marital Status, 2021
30
3.5: Exhibit 3.5 — Inspiration for Planning for Financial Goals: by Plan, by Marital Status, 2021
31
3.6: Exhibit 3.6 — Inspired by Advisor for Planning for Financial Goals by Store: All Customer Types, 2021
32
4: Many consumers develop plans on their own. More Millennials and Gen X consumers use “online software/ tools” than “primary firm.” 3-41
4.1: Exhibit 4.1 — Method of Developing Plan for Financial Goals: National, 2021
33
4.2: Exhibit 4.2 — Method of Developing Plan for Financial Goals: by Plan, 2021
34
4.3: Exhibit 4.3 — Count of Method of Developing Plan for Financial Goals: by Investable Assets, 2021
35
4.4: Exhibit 4.4 — Method of Developing Plan for Financial Goals: Millennials, by Investable Assets, 2021
36
4.5: Exhibit 4.5 — Method of Developing Plan for Financial Goals: Gen X, by Investable Assets, 2021
37
4.6: Exhibit 4.6 — Method of Developing Plan for Financial Goals: Baby Boomers, by Investable Assets, 2021
38
4.7: Exhibit 4.7 — Method of Developing Plan for Financial Goals: by Investing Experience Level, 2021
39
4.8: Exhibit 4.8 — “I developed it in conjunction with Primary Firm” by Store: All Customer Types, 2021
40
4.9: Exhibit 4.9 — Method of Developing Plan for Financial Goals By Myself: All Customer Types, 2021
41
5: Financial plans of Accumulators tend to be incomplete, with some coverage of saving and investing, but neglecting other aspects of financial wellness. 42-46
5.1: Exhibit 5.1 — Financial Plan Components: Accumulators, 2021
42
5.2: Exhibit 5.2 — Accumulator Financial Plan Components: by Interest Level, 2021
43
5.3: Exhibit 5.3 — Accumulator Interest (Very/Somewhat Interested) in Financial Plan Components: by Investable Assets, 2021
44
5.4: Exhibit 5.4 — Percent of Accumulators Who Have Financial Component “Analysis of how to balance my competing goals, which may include maintaining my current standard of living, paying down debt, funding retirement, education or other long-term goals” by Store: All Customer Types, 2021
45
5.5: Exhibit 5.5 — Accumulator Interest (Very/Somewhat) in Financial Component “Analysis of how to balance my competing goals, which may include maintaining my current standard of living, paying down debt, funding retirement, education or other long-term goals” by Store: All Customer Types, 2021
46
6: Older consumers in or near retirement are most likely to have components related to planning, with fewer reporting components related to managing. 47-53
6.1: Exhibit 6.1 — Financial Plan Components: Pre-Retirees, Fully Employed Seniors, and Post-Retirees, 2021
47
6.2: Exhibit 6.2 — Pre-Retiree, Fully Employed Senior, and Post-Retiree Financial Plan Components: by Interest Level, 2021
48
6.3: Exhibit 6.3 — Pre-Retiree, Fully Employed Senior, and Post-Retiree Interest (Very/Somewhat) in Financial Plan Components: by investable Assets, 2021
49
6.4: Exhibit 6.4 — Percent of Pre-Retirees, Fully Employed Seniors, & Post-Retirees Who Have Financial Component “Recommendations for minimizing your overall tax obligations by saving and investing tax-optimally in different accounts” by Store: All Customer Types, 2021
50
6.5: Exhibit 6.5 — Pre-Retiree, Fully Employed Senior, & Post-Retiree Interest (Very/Somewhat) in Financial Component “Recommendations for minimizing your overall tax obligations by saving and investing tax-optimally in different accounts” by Store: All Customer Types, 2021
51
6.6: Exhibit 6.6 — Percent of Pre-Retirees, Fully Employed Seniors, & Post-Retirees Who Have Financial Component “Advice on estate planning and charitable giving for long-term tax planning” by Store:All Customer Types, 2021
52
6.7: Exhibit 6.7 — Pre-Retiree, Fully Employed Senior, & Post-Retiree Interest (Very/Somewhat) in Financial Component “Advice on estate planning and charitable giving for long-term tax planning” by Store:All Customer Types, 2021
53
Data Dictionary 54-58
Appendix 59
Glossary 60
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