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Nearly half of Americans say they are 'casual' when it comes to financial planning

Nearly half of Americans say they are 'casual' when it comes to financial plan

Almost 50 percent of Americans say their financial planning - if they've even adopted a plan - is done informally, however the majority say they would like to change that, according to the results of a new study from Northwestern Mutual Life Insurance Co.

When respondents were asked how they would describe their financial planning activities, 38 percent said they had an "informal" approach. While they have somewhat of a concept of their finances, they have not enacted any specific plan, the survey found. Another 7 percent said they do not have any plans or ties to the finance community.

"This research reflects that most Americans see the value in setting financial goals, but a large number don't know how they'll get there," said Greg Oberland, Northwestern Mutual executive vice president. "Developing a plan to reach your goals is just as important as having a goal in the first place, whether it pertains to your health, your career or your financial security."

According to Business Today, having a strong financial goal is a must in today's economy, and sticking to a well-developed plan can pay off greatly during retirement.
 

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