When it comes to financial planning most Americans face it alone and say they do a good job, found a national survey conducted for Lutheran Brotherhood, a Minneapolis-based financial services firm. Some 69 percent of heads of households surveyed said they do good or excellent in managing their money. However, the survey indicates that may not be true: only one in 10 say they have discussed estate planning with their parents, and three in four say they are counting on Social Security benefits for their retirement income more than any other source.
Only one in five seek the advice of a financial adviser each year, and fewer than one in 10 say that a financial professional is the most important source of information about money and investments. The most important source for 25 percent are books and magazines, followed by personal experience and trial and error for 15 percent.