More than a quarter of Americans don't have a financial plan, but what's really troubling is that 38% of those don't have any intention of creating one, according to a survey released Tuesday by Nationwide Funds.
Nationwide broke those numbers down a little more and found that at least some people may just need a little help. More than 30% of people without a plan just haven't gotten around to it, and 16% said they weren't sure how to get started. Unfortunately, 20% of respondents said they didn't have a plan because they didn't need one, and 15% said they have all the information they need in their head.
Harris Interactive surveyed 783 adults with at least $100,000 in investable assets for Nationwide's survey. Nationwide Funds is the mutual fund business of Nationwide Financial Services.
Mike Spangler, president of Nationwide Funds, told ThinkAdvisor that 13% of respondents who don't have a financial plan said they don't need one because they don't plan to retire for a long time.
"That calls into question how they feel about retirement," Spangler said. "Eight percent don't think they'll ever retire. They're saying, 'The traditional definition of retirement may not be a reality for me.'"
Nationwide identified an independent streak in the survey respondents. Forty percent of people who didn't work with a financial advisor said they didn't need professional help.
Spangler noted that especially among Generation X and Y respondents, investors are forgoing professional help in favor of their own research online and on social media. For advisors to reach those people, they can't try to sell advice.
