Study Shows Americans With Financial Plan Are More Successful Financially

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The Consumer Federation of America (CFA) and Certified Financial Planner Board of Standards, Inc. (CFB Board) released a report earlier stating that many families across America are left struggling to make ends meet due to the recent recession. The 2012 Household Financial Planning Survey, on the other hand, showed that individuals with a personal financial plan felt more confident and reported more success in terms of managing money, investments, and savings compared to those with no financial plan.

Frank J. Velten - Founder of F.J. Velten & Sons, Inc.

With a sound strategy and financial plan, it becomes easier to make financial decisions and stay on track towards meeting your short-term and long-term goals.

The Consumer Federation of America (CFA) and Certified Financial Planner Board of Standards, Inc. (CFB Board) released a report stating that many families across America are left struggling to make ends meet due to the recent recession. The 2012 Household Financial Planning Survey, on the other hand, showed that individuals with a personal financial plan felt more confident and reported more success in terms of managing money, investments, and savings compared to those with no financial plan.

The CFB Board-CFA survey used a number of questions that were previously asked in a CFA-NationsBank survey that was also developed and administered by Princeton Survey Research Associates International (PSRAI) in 1997. This enabled a comparison of consumer financial planning habits and attitudes in 1997, a period when unemployment was low and consumers were optimistic after the worst recession to hit since the Great Depression.

The 2012 survey showed that approximately 38% of all surveyed household financial decision-makers lived from paycheck to paycheck compared to 31% of the respondents in 1997. About 30% of the current survey respondents felt they were financially comfortable compared to the 38% in the 1997 survey, and about 34% of those surveyed this year felt they could retire by the age of 65 compared to the 50% who felt similarly in 1997.

In the previous survey, only 38% of the respondents felt that they were behind in saving for retirement compared to the rise to 51% this year. However, this comparison showed that the number of those with a retirement investment plan in place remained roughly the same, with 51% in 1997 and 49% in 2012". *

A personal financial plan allows both the poor and the rich to achieve their financial goals. According to CFA’s Executive Director, a financial plan is able to increase an individual’s effectiveness and confidence in saving, borrowing, and managing money.

Frank J. Velten, a Certified Financial Planner™ Professional and founder of Tampa financial advisors F.J. Velten & Sons, Inc., states that, “Financial planning has become incredibly important, especially with today’s uncertain economy. A financial plan helps one to see and understand the bigger picture.” He also states that, “With a sound strategy and financial plan, it becomes easier to make financial decisions and stay on track towards meeting your short-term and long-term goals.”

Velten also encourages individuals to seek the services of someone with the Certified Financial Planner™ Professional (CFP®) designation, as “getting advice from someone with the CFP® designation gives you the peace of mind that the person you are trusting with your finances has been screened, that he or she has the required education and has passed the required exams. A CFP® professional is your best bet to help you secure your financial well-being, help you attain financial planning success, and give you peace of mind.”

A Certified Financial Planner™ Professional can help individuals manage their finances, guide them through the personal financial planning process, and develop strategies to help them meet their financial goals.

Velten further goes on to say that, “Although some people choose to do their own financial planning, individuals may want to seek the services of a CFP® professional if they wish to simply better manage their finances, need a professional opinion on a plan they have developed, have an immediate need or undergo an unexpected life event, do not have the time to do their own financial planning, or do not have the expertise in areas such as taxes, insurance, investments, and retirement planning.”

Velten began his career in financial planning and investments in 1992, and obtained the Certified Financial Planner™ Professional certification in 1999. Together with his sons, Frank founded F.J. Velten & Sons, Inc. in 2002, a one stop shop that meets all of an individual’s financial needs, including those related to investments, wealth management, insurance, financial planning, estate planning, and tax services.

Apart from being a Certified Financial Planner(TM) Professional, Frank J. Velten is the President and Founder of F.J. Velten Insurance Agency, Inc., F.J. Velten & Sons Tax Services, Inc., and F.J. Velten & Sons, Inc. Investments and Financial Planning.

F.J. Velten & Sons, Inc. is headquartered in New Port Richey, FL, and services clients throughout the Tampa/St. Petersburg/Clearwater metro area. For more information, call F.J. Velten & Sons, Inc. at 1-866-815-0300.

F.J. Velten & Sons, Inc. is an independent firm with securities offered through Summit Brokerage Services, Inc., Member FINRA, SIPC. Advisory services offered through Summit Financial Group Inc., a Registered Investment Advisor. These are the views of F.J. Velten & Sons, Inc., and not necessary those of Summit Brokerage Services, Inc. and/or any of its affiliates and should not be construed as investment advice. All information is believed to be from reliable sources, however we make no representation as to its completeness or accuracy.

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