U.S. families largely feel financially vulnerable--increasingly so since 1997--but those with a financial plan tend to feel better about their money.

That was one of the conclusions of a national survey released today by the Certified Financial Planner (CFP) Board of Standards and the Consumer Federation of America (CFA), two organizations that have been at the forefront of efforts to bring financial planning to the masses.

"Those who plan do better and feel better than those who do not," said CFP Board CEO Kevin Keller. "That's true whether the consumer is rich or poor or middle-income."

The survey, carried out by Princeton Survey Research Associates, involved in-depth phone interviews with more than 1,500 family decision-makers, according to the organizations.

The results were compared to a similar survey conducted in 1997, a time when new technologies and Internet-related investments fueled a fast-growing economy and rising market values. The Internet boom has since gone bust, and the nation entered into a historic recession in 2008, so as would be expected, the survey revealed a significant decline in consumer financial confidence over the past 11 years.

The survey found, for example, that 38% of respondents were living paycheck to paycheck, compared to 31% in 1997. The percentage of those who feel financially "comfortable" has also fallen from 38% to 30%; the percentage of those who feel behind in their retirement savings has gone from 38% to 51%.

The sponsors of the survey, however, stressed the difference in attitudes between those with and without a financial plan. For example, in all income brackets except the lowest (under $25,000 in annual income), respondents with a financial plan were more likely, by a 50% to 32% margin, to feel that they are on pace to meet all their financial goals. Among the two lowest income brackets, people who have credit cards and a financial plan were also more likely to pay credit card bills in full.

Only 31% of respondents said they had a comprehensive financial plan covering savings, investments, retirement, education, emergencies, major purchases and insurance needs, according to Keller. Sixty-five percent said they follow a plan for at least one of their savings goals.

The sponsors of the survey urged consumers to seek financial planning, and noted that affordable solutions are available. CFA Executive Director Stephen Brobeck noted that families shouldn't feel they do not have enough assets to warrant professional advice.

"Credit and housing counselors can be very helpful, particularly to households that have a great deal of debt and need to reduce that debt to get on their feet financially to afford a home," he said.

Further details about the survey are available at www.cfpboard.org and www.consumerfed.org.

-Raymond Fazzi