Financial planning dips as inflation looms
As a result of impending inflation, Americans may be abandoning financial planning.
An analysis found that just 40% of Americans are practicing financial planning compared with about 50% in early 2024, according to a news report from Fox Business. Investigators found that compared with those who identified as financial planners, those who didn’t tended to have less in savings, pay their credit card balances less frequently and focus on reducing debt rather than saving for retirement.
Further, nearly three-quarters of those in Generation Z weren’t financial planning, whereas just over half of Baby Boomers partook in financial planning. However, even 50% of high-income earners stated that they weren’t financial planning.
The investigators hypothesized that the decline in reported financial planning could indicate a financial toll.
Read more: Fox Business
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