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6 investing excuses

By Sheyna Steiner ·
Friday, July 27, 2012
Posted: 9 am ET

The dire warnings of a future retirement apocalypse have not scared all Americans into frantically investing as much as possible for their retirements. Not everyone is on board the retirement savings train, a recent survey from the Certified Financial Planner Board of Standards and the Consumer Federation of America has found.

The 2012 Household Financial Planning Survey found that 73 percent of all household decision-makers have some savings or investments earmarked for retirement. Only 6 out of 10 unretired Americans have money invested or saved for retirement.

The survey also reported that only half, 49 percent, of the nonretired survey respondents have a specific plan for how or where to save and invest their retirement funds.

Here's how some people in the survey described their relationship with money and financial planning.

Feelings about money and planning

Very Some Not too Not at all
Investing seems complicated 25 27 19 27
I prefer not to think about money 19 25 20 36
Unexpected expenses make it hard to budget 29 30 19 22
It's hard for me to know who to trust for financial advice 29 26 17 26
I'm worried about losing my money if I invest 29 26 17 26
I just don't earn enough to save regularly 27 24 19 27
Source: 2012 Household Financial Planning Survey; CFP Board and Consumer Federation of America.

While most of these financial insecurities could be addressed by a comprehensive financial plan, people often have mental blocks toward taking the first steps to getting financial control. Bankrate's financial security index for the month of July was released on Wednesday, showing that only 60 percent of Americans track their spending against a budget.

Rather than living in anxious denial, people prone to avoiding financial realities would ultimately feel better about their future prospects with some planning. The CFP Board's survey found that people in the $50,000 to $99,999 income bracket with a comprehensive financial plan were more likely to say they live comfortably than people earning over $100,000 who do not plan.

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