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Fear often keeps people from creating a financial plan, but those who do plan are more confident and positive about their current and future finances than those who do not, according to a survey released Wednesday by Citizens Bank Wealth Management.
The survey, which evaluated consumers' financial planning attitudes and behaviors, found that only 55% of respondents had a firm financial plan, but of those without one, three in four people recognized the need for one.
For their part, 87% of planners reported a high level of confidence, and 75% a positive outlook on their financial security.
Their confidence stemmed from three things, the survey found: starting a plan early in adulthood, the long-term focus and discipline of having a plan and meeting often with an advisor to stay updated on financial issues.
Nearly three-quarters of respondents said the personal satisfaction of being organized for their future was their primary reason for sticking to their financial plan, and about two-thirds cited a centralized location for managing finances.
"With the tremendous impact your financial wellness has on your overall wellness, we view financial plans as an essential tool in alleviating some of the anxieties around financial security," John Bahnken, president of Citizens Bank Wealth Management, said in a statement.
"People often underestimate the benefit of something as simple as being organized, and this survey has demonstrated that it really can transform your thinking and your commitment to following through on your plan."
