It’s been centuries since Benjamin Franklin said “By failing to prepare, you are preparing to fail,” but for as folksy as that sounds, the saying has always rung true and that’s particularly true in the world of finance where preparedness is often rewarded and the opposite is frequently punished.

Think the intersection of money and preparedness this way. Essentially all of an individual’s financial goals, be it saving for a home or college for the kids, long-term care planning or saving for retirement, require high levels of preparedness. Some people are simply born diligent while others acquire that trait over time so it’s possible that some can reach adequate financial preparedness on their own.

Many cannot and that’s understandable because life can be hectic with careers and family obligations. In a vacuum, life’s distractions weighing on financial preparedness is a perfect reason for more people to consider working with a registered investment advisor (RIA). Team work can make the dream work when it comes to financial readiness.

Yet even when accounting for those elements and acknowledging their own shortcomings in the financial confidence department, many folks aren’t yet working with advisors. That needs to change.

Many Americans Don’t Have That Prepared Feeling

A recent study by financial services firm Equitable digs into the current state of affairs regarding lack of financial preparedness – one largely amplified by macroeconomic concerns.

“The survey revealed that only 42% of Americans feel prepared to navigate shifting financial challenges, including potentially higher costs from tariffs, market volatility and lingering recession concerns,” according to Equitable. “As a result, more than two-thirds of respondents worry the unpredictable economic environment could derail their financial goals. ”

There is some light at the end of the tunnel. Many of the respondents to the Equitable survey indicated that even though they’re concerned about money readiness, they’re taking steps to ameliorate that situation.

“Amid ongoing economic uncertainty, Americans are rethinking how they spend, save and invest. The survey found that approximately half plan to cut discretionary spending, boost savings and adjust their investment portfolios,” adds Equitable.

Advisors Boost Preparedness

A plethora of studies and surveys confirm that investors that are working with advisors feel more confident and optimistic in their abilities to endure spikes in market volatility. They also believe that working with advisors has them on the right track to reaching their long-term financial goals.

The Equitable survey drives home those points. For example, nearly 60% of those polled by the firm that are working with advisors said “they feel prepared to manage evolving economic concerns” – double the percentage of do-it-yourself investors.

That’s good news for advisors looking for data to provide to prospect that highlights the value of working with a trusted professional. Speaking of trust and professionalism, the Equitable survey indicates investors see substantially more value in advisors for financial advice than other sources.

“Given the benefits of professional guidance, 80% of survey respondents who work with a financial advisor turn to their advisor first for advice — followed by financial news outlets (37%) and friends and family (33%),” concludes Equitable. “In contrast, those without an advisor rely primarily on friends and family (57%), then financial news outlets (32%) and social media platforms like TikTok and Instagram (25%) for financial guidance. ”