Fewer than one-third of household financial decision-makers have ever had a comprehensive financial plan, according to a recent survey from the Consumer Federation of America and the Certified Financial Planner Board of Standards, Inc.

The 2012 Household Financial Planning Survey, released July 23, found that just 31 percent of financial decision- makers in the U.S. have ever prepared a comprehensive financial plan or had one prepared for them. That leaves 69 percent without a comprehensive plan that takes retirement planning, insurance needs, savings, and investments into account.

Those with higher incomes were more likely to have a financial plan. Among decision-makers with household incomes of $100,000 or more, 55 percent had a financial plan, the survey found. Just 35 percent of those with household incomes between $50,000 and $99,999 had a plan.

The portion with a plan fell further to 25 percent among financial decision-makers with household incomes between $25,000 and $49,999. It dipped to 10 percent in the income bracket for earners in households making under $25,000 annually.

A misconception exists that financial planning is only for the wealthy, Kevin Keller, CEO of the Certified Financial Planner Board of Standards, Inc. said during a conference call to discuss the survey.

“This in my mind is both a problem and a challenge,” he said. “It is our job to educate consumers that there is something that they can affirmatively and proactively do, even in difficult economic times, and even if they’re not rich.”

Financial planning has its benefits, the survey found. Those with comprehensive plans are more likely to be confident about managing money, savings, and investments than non-planners — 52 percent of planners said they were confident, compared to 30 percent of non-planners.

Those with financial plans were also more likely to feel on pace to meet their financial goals. A full 50 percent of those with comprehensive financial plans did not feel behind on any specific goal, while only 32 percent of those without a plan felt that way.

“Those with a comprehensive plan, regardless of what their socio-economic statuses are, both feel better about the plan and do better as a result of having that plan,” Keller said.

Additionally, savings rates were higher for decision-makers with financial plans. Half of financial decision-makers with comprehensive financial plans reported saving at least 10 percent of their income. But only 27 percent of decision-makers without a plan met that savings rate.

“Developing a comprehensive plan requires one to think seriously about one’s finances,” said Stephen Brobeck, executive director of the Consumer Federation of America, during the conference call. “This planning requires one to assess not only their spending, savings, and use of credit, but also the complex relationships between their debts, savings, and investments. This comprehensive assessment can only improve one’s financial confidence and security.”

Changing planning/saving habits

Another portion of the survey compared consumer attitudes and habits in 1997 to today. For example, it found that 38 percent of consumers live paycheck to paycheck today, up from 31 percent in 1997.

This has affected saving for children’s college education, according to the survey. This year, 48 percent of families with college-bound children said they were saving for higher education, down from 56 percent in 1997.

But retirement investments did not follow suit with a large drop. This year, 49 percent of consumers said they had a retirement investment plan in place and were saving for retirement, only a slight dip from 51 percent in 1997.

Even so, more consumers expressed feeling like they’re falling behind in saving for retirement. Over half of consumers, 51 percent, said they felt behind in saving for retirement in 2012. Only 38 percent felt behind in 1997.

The importance and benefits of financial planning haven’t changed since 1997, Keller said.

“I’m struck with some interesting similarities when you compare the research of 1997 to today,” he said. “Those who plan do better and feel better than those who do not. That was true in the good economic times of 1997, and it is true today as our economy is recovering from a recession.”

The Washington, D.C.–based Certified Financial Planner Board of Standards, which grants certified financial planner certification, and the Consumer Federation of America, which is a Washington, D.C.–based association of nonprofit consumer organizations, jointly sponsored the survey. Princeton Survey Research Associates International conducted it.

The survey was comprised of telephone interviews with 1,508 financial decision-makers nationwide conducted between May 7 and May 20. Its margin of error is plus or minus 3 percentage points.        

Contact Seltzer at rseltzer@cnybj.com