- People who work with financial advisors are more likely to report happiness, confidence, and stability in their financial and personal lives, according to a survey from Northwestern Mutual.
For the 2019 installment of its
Planning and Progress Study, Northwestern Mutual surveyed 2,000 American adults and found that financial stability plays an outsized role in a person’s overall life satisfaction.
According to the
survey results, 92% of people say nothing makes them happier or more confident in life than having their financial house in order. While only about one-third of the survey respondents said they have worked with a financial advisor, those who do report much greater financial stability.
Sixty-six percent of the survey respondents who have a financial advisor said they feel financially secure, compared to 30% of those who don’t pay for professional help. A whopping 85% of respondents who work with a financial advisor feel their personal life is headed in the right direction, compared to 71% of those who don’t have an advisor. And seven in 10 respondents who have an advisor said they’re happy with their life, compared to five in 10 people who said the same but handle their money on their own.
Further, people who work with a financial advisor are more likely to know how to balance spending now and saving for later; set specific goals and feel confident that they will achieve those goals; and have a plan in place to weather economic ups and downs, according to the survey.
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