Nearly half of the Americans have serious concerns that they may outlive their money in retirement, a survey commissioned by Fifth Third Private Bank (FITB) has found.
The survey, conducted by Research Now Group, revealed that 43% feel managing their finances has gotten more complex over the past five years.
Nearly half of the respondents said they take between one and five hours to research, organize and calculate their overall financial picture on an annual basis.
Only 28% said they feel completely confident in the accuracy of their methods to keep up to date with their overall financial picture.
More than one-third of respondents said they use two or more advisors to help them manage their financial activities.
When asked whether their dependents would know where to easily access or find ALL important and legal documents, 30% the respondents were unable to confirm.
The survey was launched by the private to understand families' financial planning pain points and gain insight into how the process could be simplified through their new platform, Life360.
Fifth Third head of wealth and asset management Phil McHugh said: "The study confirmed the anxiety that clients have shared with our advisors is reflective of similar concerns nationally.
"Much of that anxiety stems from a lack of clearly articulated financial goals and alignment around achieving them. Our Life360 platform works to help simplify, focus and holistically address these critical aspects of the financial planning process."