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September 25, 2009 |
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Consumers Lack Financial Plans, Survey Says |
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By Ray Fazzi
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Planning for retirement
remains a top concern for many Americans, but that hasn’t resulted in a greater
reliance on financial planners, according to a new survey.
This year’s National Consumer
Survey on Personal Finance by the CFP Board of Standards suggests the nation’s
advisors have a big void to fill when it comes to the way the public is
preparing for retirement.
The survey of 1,742 consumers
found that 51% of respondents listed building a retirement fund as one of their
most important financial concerns. Forty percent cited managing retirement
income.
Yet 64% of respondents said
they did not have a financial plan, and only 17% said they have a financial
plan that they update regularly.
“These results tell us that
Americans of every type of background and income level think carefully about
their assets and how to improve their financial state,” said Eleanor Blayney,
consumer advocate for the CFP Board. “We also see that many lack an
understanding that everyone can benefit from having a financial plan,
regardless of one’s wealth or social status.”
Among the reasons cited for
not having a financial plan were the expense of hiring an advisor, the feeling
by some that their financial situation wasn’t complicated enough to merit
professional involvement and confusion over the qualifications of financial
intermediaries. Forty percent said they were not aware of any credentials for
financial professionals.
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CONFERENCES
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