When asked which type of professional service provider they would most like to use in 2011, 44 percent of surveyed Americans chose a financial professional, besting the next most popular answer – personal trainer at 26 percent – by 18 percentage points. The Allianz Life survey showed that the number of people interested in enlisting help to enhance their fiscal fitness in 2011 was on the rise from the previous year, while those choosing physical fitness was declining.
Americans prefer financial advisors over personal trainers
Even with the increased interest in using a financial professional, Americans are torn between fiscal fitness and physical fitness when it comes to follow-through. When asked which 2011 resolution they will be most likely to keep, managing their money better (39 percent) was nearly equal to improving their exercise/diet (40 percent). This mirrored last year's results, which saw the same percentage of people feeling more confident in their ability to have success with their exercise/diet than with their personal finances.
Resolutions fall short
What's more, despite the desire to enlist the help of financial professionals, only 33 percent of the survey respondents indicated that they would actually include a financial plan in their list of 2011 resolutions. The top response for why they wouldn't include a financial plan: "I don't make enough money to worry about it" (34 percent) – matched the response in 2009. But the idea that plans are either too complex (6 percent) or too scary (4 percent), remained low year over year.
"People who don't believe they make enough money to plan for their financial futures are potentially jeopardizing their financial safety and security," said Katie Libbe, who leads Consumer Insights at Allianz Life. "Regardless of income level, sound financial planning helps ensure that individuals are prepared for life's events and challenges – and can reduce the uncertainty that surrounds retirement."
Money and the movies
Overall, the survey showed that Americans have a more positive financial outlook for 2011 than they did in 2009. "The fact that Americans today are more optimistic about their personal finances than at this time last year is good news. Yet, it's alarming that people still lack the confidence to manage their own finances and feel trepidation about getting more involved in the financial planning process. There's a wealth of information, resources and financial expertise available - and no valid reason for people not to take advantage of it," said Libbe.
*Allianz Life Insurance Company of North America conducted an eNation survey (+/- 3.1 percent margin of error) through Synovate Research in November 2010 with 1,000 respondents. Full results are available upon request.
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