Consumer Watch: Financial Planning

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by Andy Treinen

WHAS11.com

Posted on July 24, 2012 at 4:36 PM

Updated Tuesday, Jul 24 at 4:41 PM

(WHAS11) -- With many Americans struggling with day-to-day finances, it's no surprise that a new survey finds many having difficulty planning their financial futures. Good Morning Kentuckiana’s Andy Treinen gets tips that any household can use to plan for emergencies, retirement and more, in today's Consumer Watch. 

 The sluggish US economy hasn't made it easy for a lot of American households to think about their financial future.

A new survey from the Consumer Federation of America and the Certified Financial Planner Board of Standards asked financial decision-makers in families about their money planning during the nation's economic recovery.

 Less than one-third said they have a comprehensive financial plan. Planning is not just about retirement. It's about shorter-term goals too.

“Certainly, people think about retirement, but education planning, planning for rainy days, emergencies, credit management, and estate planning and taxes, all are an important part of financial planning,” said certified financial planner Kevin Keller, a board CEO.

 More than half of those surveyed said investing just seems too complicated, or that it's difficult to know who to trust for financial advice. Simple saving can be a good start. Don't skip it because you can't throw a lot of money at a long-term goal. Small increments can add up if you start early on a child's education fund or a retirement fund.

 Consider the consequences of any money decision, no matter how small it appears at the time. 
And it's ok to revise a plan. Revisit needs based on life events like the arrival of a new child, or a change in salary.

 If you have a consumer problem you’d like us to look into send an e-mail to consumerwatch@whas11.com.

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