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Title: TWO YEARS AFTER THE FINANCIAL MELTDOWN, MOST AMERICANS REMAIN ANXIOUS ABOUT PERSONAL FINANCES, SETTLE IN FOR A SLOW RECOVERY
Source:
Certified Financial Planner Board of Standards, Inc.
URL Source: http://www.cfp.net/media/release.asp?id=253
Published: Jul 14, 2010
Author: None
Post Date: 2010-07-14 15:59:27 by war
Keywords: None
Views: 7226
Comments: 13
Washington DC, July 13, 2010 — The survey of 1,002 Americans was conducted to mark the 25th anniversary of CFP Board, which grants the CFP® certification and upholds it as the recognized standard of excellence for personal financial planning. The new CFP Board survey shows that: Nearly two out of three Americans (65 percent) are more concerned about their finances today than they were at the beginning of the financial crisis two years ago. A bit more than a third of Americans (37 percent) expect to see their personal finances improve in the next six months, versus less than half (46 percent) who expect to hold onto what they currently have, and 16 percent who expect to lose money. 80 percent of Americans say that Congress and regulators have not done enough “to deal with the financial market problems and their impact on American investors.” A bright spot in the findings: 44 percent of Americans expect the U.S. economy to improve in the next six months, while only 28 percent expect things to get worse. A smaller group (22 percent) anticipates no change in the economy. When asked to describe how they feel about their personal finances, the #1 response from Americans was “cautious” (33 percent), followed by “calm” (26 percent), “concerned” (25 percent) and “hopeful” (25 percent). (Multiple responses were permitted to this question.) Interestingly, ethnicity seems to bear on the perception of the prospects for the economy, with just 38 percent of whites expecting the economy to improve, compared to 51 percent of Hispanics and 74 percent of African Americans. “This survey clearly shows that restoring the trust of Americans in our financial markets is an unfinished work in progress,” said Robert J. Glovsky, J.D., LL.M., CFP®, 2010 CFP Board Chairman, president of Boston-based Mintz Levin Financial Advisors, LLC, and emeritus director of Boston University’s Program for Financial Planners. “Financial planners across the U.S. hear every day from anxious Americans. After the experience of the last two years, more people want to deal with financial professionals who are able to take a holistic view of people’s finances and who uphold a fiduciary standard that puts their clients’ interests ahead of all others, including their own. This is why CFP® professionals are going to be more important than ever going forward.” The survey found the following about Americans’ attitudes toward financial planners: More than two out of five Americans (43 percent) think financial planners are now “more important in the last two years since the start of the financial crisis,” compared to about a third (36 percent) who see no change, and 14 percent who now see planners as being “less important.” Overall use of financial planners by Americans has remained almost unchanged during the first two years of the U.S. financial crisis – starting at 29 percent compared to 28 percent today. Of those who have started using a financial planner since the start of the financial crisis, nearly a third (31 percent) say they have done so because “I felt like I needed more financial guidance during these difficult times for investors.” A bigger percentage of those in this group (44 percent) said they have started using a financial planner during the last two years for reasons “unrelated to the financial crisis.” “While Americans’ confidence may have been rattled over the last two years, our CFP® professionals encourage people to take the long-view when it comes to their personal finances,” said Kevin R. Keller, Chief Executive Officer of CFP Board. “Together, we will not only weather this storm but come out stronger, smarter and better prepared.” OTHER KEY SURVEY FINDINGS Only 14 percent of Americans think Congress and regulators have done “much” or “all” of what needs to be done. When asked to describe the economy as an animal, they tend towards slow, lumbering animals like sloths, bears, turtles, and elephants; few choose the iconic symbol of confidence, the bull. Almost two thirds of Americans (64 percent) say they are “very” or “somewhat” financially prepared for the future. The top three financial planning issues for Americans today are retirement goals and planning (30 percent), education funding (25 percent) and savings goals and planning (23 percent). Full survey findings are available at www.CFP.net/downloads/CFPBoard_Public_Opinion_Survey_2010-07.pdf. METHODOLOGY Penn, Schoen Berland conducted 1,002 telephone interviews among a representative sample of Americans 18 years of age or older. The margin of error for the entire sample is plus or minus 3 percent for the full sample and higher for subgroups. The survey was fielded nationally on July 7 and July 8, 2010. About CFP Board: The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP® certificants and other stakeholders. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. CFP Board currently authorizes more than 61,000 individuals to use these marks in the United States.
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#1. To: war (#0)
Nice fucking touch with the 'all caps', indeed!
Never swear "allegiance" to anything other than the 'right to change your mind'!
I just copied and pasted. Want irony? I was called for this last Wednesday. I was disqualified because I'm a broker who has a relationship with the CFPBS...
Cystic fibrous plagued bull shitters ?
Am I a liberal or a conservative? - Fredo Mertz
I'd never belong to a group in which you are a member, e.g. The One and a Half Wives Club... Nor would I make light of a devastating disease.
Sorry Jeffy, my bad.
Am I a liberal or a conservative? - Fredo Mertz
There is no "recovery", just a pulling forward of demand. That is NOT a recovery. Nice try Obama, you fucked up big-time.
Goldi-Lox, War, Fred Mertz: Go back to liberty post where you belong.
That is NOT a recovery. Nice try Obama, you fucked up big-time. Goldi-Lox, War, Fred Mertz: Go back to liberty post where you belong. The Cognitive Dissonance above shows that you, Neb, are the one out of place here at LF. And where is Goldi here. Please tell me. Almost two thirds of Americans (64 percent) say they are “very” or “somewhat” financially prepared for the future.
Nice article, war. Thanx for the post. But Contrary CW says that this: " Only 14 percent of Americans think Congress and regulators have done “much” or “all” of what needs to be done." and this: "A bright spot in the findings: 44 percent of Americans expect the U.S. economy to improve in the next six months, while only 28 percent expect things to get worse." And this: "A bit more than a third of Americans (37 percent) expect to see their personal finances improve in the next six months, versus less than half (46 percent) who expect to hold onto what they currently have, and 16 percent who expect to lose money." are not compatible. People quickly forget about the nearly 1,000 point “flash crash” brought on by glitches in the Wall Street casino machinery. Still no sensible explanation has been given but today the stock market now stands below the flash crash moment. The middle class is witnessing the largest wealth transfer in history take place and it is all happening because of the Wall Street infrastructure and the government’s lack of respect for the working class of the United States. The Collapse happened March 09. The Crash is coming this Fall. The BDI doesn't lie. Another 25% drop in housing and the Bottom 90% have Zero Equity. The Dragon King happened 052010. That America doesn't see the direct threat is telling of our Gov't. If not earlier with widespread panic over the Gulf of Cheney, NOGC +Florida Collapse.
Hey Duffy, she's been here before. lay off the stupid pills, okay?
Goldi-Lox, War, Fred Mertz: Go back to liberty post where you belong.
Hey Duffy, she's been here before. lay off the stupid pills, okay? You make less sense with each post. You give nothing, act like facts are irrelevant. Yet claim superiority. Yet have Zero Empathy. Only violence keeps you where you are. And you're losing that. ;}
And Goldi with her rabid zioFundies were the only things protecting you.
When they find out that oBUMa is controlled by the same monied elites that have controlled the government since 1913, they'll quickly understand that they're screwed like the rest of us.
Hey mcclown, when is the evacuation of millions along the gulf coast going to begin? Are you keeping a toll of the millions you predicted would die as a direct result of this catastrophe? How's the "peak oil" thingy working out for you, coward? Sneakypete, have you ever been married? Said things you later regretted?
#2. To: Brian S (#1)
#3. To: Tool (#2)
I was disqualified because I'm a broker who has a relationship with the CFPBS..
#4. To: Jethro Tull (#3)
(Edited)
Cystic fibrous plagued bull shitters ?
#5. To: Jeffy (#4)
#6. To: war (#0)
#7. To: Nebuchadnezzar (#6)
There is no "recovery", just a pulling forward of demand.
#8. To: war (#2)
#9. To: mcgowanjm (#7)
And where is Goldi here. Please tell me.
#10. To: Nebuchadnezzar (#9)
And where is Goldi here. Please tell me.
#11. To: Nebuchadnezzar (#9)
#12. To: war (#0)
Interestingly, ethnicity seems to bear on the perception of the prospects for the economy, with just 38 percent of whites expecting the economy to improve, compared to 51 percent of Hispanics and 74 percent of African Americans.
#13. To: mcgowanjm (#10)
You give nothing, act like facts are irrelevant.
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