Financial planning is like making a road map for your money to determine how to save, spend, and reach your financial goals.
Global Value of Financial Planning Consumer Study 2023
The report talks about the myths surrounding financial planning among millennials that stop them from getting advice from a financial planner.
The Survey Audience
In India, FPSB gathered data from 1,011 residents aged 25 or older, earning over Rs 45 lakh or holding investments exceeding Rs 45 lakh across assets.
Myths About Financial Planning
Only for the rich.Needed at retirement.Costs more than worth.Financial planners lack objectivity.
Myth: Only for the Rich
Fact: As per the FPSB report, people earning Rs 65 lakh or less with a financial advisor report 6 points higher financial satisfaction than those without one.
Myth: Needed at Retirement
Fact: The report found that financial advisory offers several advantages, such as enhancing quality of life & increasing financial satisfaction & confidence. Additionally, starting financial planning early is more advantageous.
Myth: Costs More than Worth
Fact: Affordability is a barrier, but advised clients find that the value of financial planning outweighs its cost, making them significantly better off.
Myth: Financial Planners Lack Objectivity
Fact: Those individuals who found a trusted financial planner choose to fully trust them with financial planning.
The Final Word
Be sure to identify the myths and facts while planning your finances & invest accordingly. Happy Winting!