Although two-thirds of Americans agree that their financial planning could use some improvement, only 37% currently work with a financial advisor.

"Financial uncertainty is up in 2023, and the question for many Americans is what to do about it," said Tim Gerend, chief distribution officer for Northwestern Mutual. "The good news is many are taking action to plan and tapping advisors for help in an increasingly complex financial environment so that they can reach their goals."

Advisors can help close the gap by demonstrating the value and peace of mind they offer, the company's 2023 Planning & Progress Study found. The research shows that people who work with an advisor have significantly higher levels of confidence in several areas, including:

• Being prepared for unplanned expenses (31 percentage points higher);
• Being able to retire when the time comes (29% percentage points higher); and
• Achieving long-term financial security (28 percentage points higher).

"When Americans ground their financial future in a custom-built plan and an expert advisor instead of in their own gut feelings, the confidence boost can be tremendous and the improved financial outcomes can be just as significant," Gerend said. "Financial advisors can help people in so many ways they might not realize — managing debt, building and protecting wealth, estate planning and more."