Most of us know we should save money. But when it comes to actually doing it, people tend to fall into two camps: non-planners and planners. Non-planners typically save when they can, perhaps putting a small amount into a workplace retirement plan, hoping that everything will work out in the long run. Planners generally know what they’re saving for, how much they need to put away, and how long it will take them to reach their goals.

Does the first type sound more like you? If so, you’re not alone: Only 28% of Americans have a written financial plan, according to Schwab’s 2019 Modern Wealth Survey. Of the rest, almost half said they didn’t have enough money to make a plan worthwhile. Others said it was too complicated, or they didn’t have time to develop a plan.

— Read on www.schwab.com/resource-center/insights/content/does-financial-planning-help