Happy days: Americans recognize the value of financial planning

Who says money can’t buy happiness?

Nearly 60% of American adults in a recent survey said they believe money can buy happiness, but a larger percentage say they’d be happy with better financial planning.

In the absence of respondents earning a bigger piece of the pie, the survey revealed insight into the value that peace of mind can provide: 73% said they believe that a “solid financial plan would bring me happiness.”

That’s good news for financial planners, that the pursuit of happiness includes the pursuit of financial advice.

Yet, in the survey of more than 2,000 adults conducted by The Harris Poll on behalf of Empower, 43% said they feel that access to financial advice is beyond their reach. Just 26% said they’re currently working with a financial professional.

Some other findings from the survey:

• Seventy-one percent said “having more money would solve most of my problems.” More than half (54%) said they carry debt, with 36% saying they couldn’t handle an unforeseen expense over $500 without real worry.

• Many apparently are, however, willing to spend daily for a micro-boost of happiness: 62% of Millennials said they’re willing to pay $7 for a daily coffee because of the joy it brings.

• Forty-two percent said a $25,000 windfall would boost their financial happiness for six months; 32% said $15,000 would do the same, and 17% forecast a similar impact for just $5,000.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.