New research shows 58% of adults who don't work with a financial planner feel anxious about their finances

New research shows 58% of adults who don’t work with a financial planner feel anxious about their finances

Navigating your personal finances is something easier said than done, especially when you’re trying to work toward multiple financial goals simultaneously, like building an emergency fund while paying off debt. For this reason, it can often be helpful to get a second opinion and seek advice from a financial professional on your next steps.

According to Northwestern Mutual’s 2022 Planning & Progress Study, 58% of respondents who said they did not work with a financial advisor said they felt somewhat or very anxious about their finances. The survey polled Americans ages 18 and older between February 8 and February 17, 2022, and also found that 66% of millennials and Gen Z — along with 54% of all American adults over the age of 18 – felt the same.

With that in mind, Select takes a closer look at the potential benefits of talking to a financial planner and when it’s time to start having those conversations.

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How can a financial planner help you?

When is a good time to talk to a financial planner?

mint

Information about Mint was independently collected by Select and was not reviewed or provided by Mint prior to publication.

  • Cost

  • Standout Features

    Shows income, expenses, savings goals, credit score, investments, net worth

  • Categorize your expenses

    Yes, but users can modify

  • Links to accounts

    Yes, bank cards and credit cards

  • Availablity

    Available in the App Store (for iOS) and Google Play (for Android)

  • Security functions

    Verisign scanning, multi-factor authentication and Touch ID mobile access

Personal capital

On the Personal Capital secure site

  • Cost

    The app is free, but users have the option to add investment management services for 0.89% of their money (for accounts under $1 million)

  • Standout Features

    A budgeting app and investing tool that tracks both your spending and your wealth

  • Categorize your expenses

    Yes, but users can modify

  • Links to accounts

    Yes, bank cards and credit cards, as well as IRAs, 401(k)s, mortgages and loans

  • Availablity

    Available in the App Store (for iOS) and Google Play (for Android)

  • Security functions

    Data encryption, fraud protection and strong user authentication

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.


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