Summary
Americans spend very little time on financial planning, averaging less than two minutes per day. Many people only engage in financial planning during stressful events, like an unexpected bill. This trend has been declining over two decades.
Key Facts
- Americans spend less than two minutes each day on financial tasks like budgeting or saving.
- People spend 13 times more time cleaning their homes than on financial planning.
- Only 2.7% of Americans engage in any financial planning on a typical day.
- Financial planning typically averages about 1 hour among those who partake, but overall averages less due to many not participating at all.
- The percentage of Americans doing financial planning daily has dropped from 4.7% in 2004 to 2.7% in 2024.
- Many Americans, nearly 25%, only plan their finances during crises such as unexpected expenses.
- Engagement in professional financial services has also decreased over the years.
