Maybe George Can Do It For Me….
People who are apathetic or indifferent to a need for action have often used the rallying cry, “Let George Do It”. Unfortunately, “George” never seems to get the task done. Financial Planning is no different and a recent survey by Northwestern Mutual quantifies the degree of indifference in the United States. In March 2018, Northwestern surveyed 2,003 American adults aged 18 and over. Seventy percent responded that they needed to improve their financial planning, but 40% said they were willing to push it off until later.
Seventeen percent noted they are too nervous or worried to deal with their financial circumstances. Nine percent want to put it off until they have no other choice and an additional 9% are simply frustrated or annoyed with their financial situation. Five percent are simply skeptical that financial planning will provide any value to them.
Unfortunately, taking control of one’s financial situation isn’t going to happen by itself. Do these people think it’s someone else’s responsibility? Many of the 40% wanting to procrastinate may never “get around to it.” It’s noteworthy that about 50% of American households have nothing saved to fund their retirements—a proportion that’s not very different from the 40% that are thinking that “maybe George can do it for me.” A healthy dose of personal responsibility might be in order…………………