Shifting the Economic Burden: New Survey Finds Americans Recognize and Accept Responsibility for Their Own Financial Security, but Still Want Government Safety Net
/FROM PR NEWSWIRE
TO BUSINESS, AND NATIONAL EDITORS:
Shifting the Economic Burden: New Survey Finds Americans Recognize and
Accept Responsibility for Their Own Financial Security, but Still Want
Government Safety Net
CFP Board survey shows Americans remain optimistic despite mounting
still shifting under their feet, Americans recognize that they have
more responsibility than ever for their own financial security,
including retirement, according to new research findings from
Certified Financial Planner Board of
expect the government to provide a social safety net, the survey
"Consumers are assuming a significant amount of responsibility in
nearly every element of their personal financial lives – retirement,
health care, education – but they still look to government to provide
support and protections," said CFP Board Chief Executive Officer Kevin
people are better armed to make smart financial decisions and plan for
their financial future, which Americans are generally more optimistic
about than negative."
Three key insights from the survey show that Americans struggle to
balance short- and long-term concerns, and are aware of a changing
Survey respondents hold themselves accountable for their own financial security, but said they look to the government for an individual safety net. They also believe strongly that the government has a role in protecting people from fraud and abuse.
Americans are divided on how they are faring in their personal financial situation as compared to one year ago. However, Americans express more optimism for their future financial situation.
Aside from the immediate concern of filling up their gas tanks, the majority of Americans' concerns center on longer-term issues like saving for retirement and reductions in federal benefits. Outliving assets and living with increased financial risk is top of mind for a subset of Americans.
Keller noted that as Americans find themselves carrying more of a
financial burden than ever before, they overwhelmingly recognize (82
percent) the urgency of creating a financial plan. In addition, nearly
60 percent of the survey's respondents said they would benefit from
the counsel of a financial planner or advisor.
The survey's findings also show that age, income, ideology and race
play an important role in shaping Americans' views on their own
personal economic situation:
— When it comes to providing financial security, 67 percent agree
they have sole responsibility for their financial future, but
Americans by a large margin want the government to provide some sort
of safety net (72 percent for
— More than two-thirds of Americans (67 percent) believe it is the
government's duty to protect investors from fraud and abuse.
— Americans are conflicted when it comes to their financial security:
many – 44 percent – don't feel any better about their financial
security than they did a year ago, and nearly a quarter (23 percent)
feel more negatively toward their financial situation. But half of
Americans – 51 percent – are optimistic their financial situation will
improve over the next year, and less than one in 10 expect it to
decline. Over the next year, 79 percent of blacks and 76 percent of
Hispanics expect their financial situation to improve. Less than half
of whites – 43 percent- expect their situation to improve. Those
identifying themselves as black or Hispanic are far more positive
about their current financial situation than whites, with 41 percent
of blacks saying they are more positive now than a year ago, and 43
percent of Hispanics saying the same. Those identifying themselves as
"liberal" register the highest degree of optimism at 62 percent; 44
percent of those identifying themselves as "conservative" expressed
— Daily financial concerns are top of mind for most Americans; among
the primary concerns: filling up their gas tank (54 percent), securing
and paying for health insurance (46 percent), making their housing
payment (39 percent), and getting or keeping a job (38 percent).
Securing and keeping a job is of paramount importance to young people
(18-34), with 51 percent of women and 55 percent of men expressing
this as a major financial worry.
— Long-term issues weigh heavily among respondents, with 49 percent
saying they are troubled about their retirement savings and 48 percent
concerned about a reduction in government benefits. Only 40 percent of
all Americans believe they will be able to retire by 65, and only 27
percent of males 18-34 say they will be able to retire at that age. A
third of Americans express concern that they will outlive their
retirement assets, and nearly two in five feel their financial
security is more at risk than ever before.
— Similarly, 72 percent of older women (65 and older) express
concerns about reductions in government benefits like
— Those with incomes of less than
securing and paying for health insurance (58 percent) and a reduction
in government benefits (58 percent) than those in higher income
brackets, with only 26 percent of those making
concerned about their health insurance needs.
The survey was released in conjunction with The Atlantic's Economy
Summit 2012, which examined how to address creating a stronger U.S.
economy. CFP Board was an underwriter of the event. The telephone
survey of 1,015 Americans ages 18 and older was conducted by KRC
3.1 points at the 95 percent confidence level.
View the full report for the
ABOUT CFP BOARD The mission of Certified Financial Planner Board of
certification and upholding it as the recognized standard of
excellence for competent and ethical personal financial planning. The
Board of Directors, in furthering CFP Board's mission, acts on behalf
of the public, CFP@ professionals and other stakeholders. CFP Board
owns the certification marks CFP@, Certified Financial PlannerT, CFP
(with plaque design) and CFP@ (with flame design) 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 65,000 individuals to use these marks in the U.S.
SOURCE Certified Financial Planner Board of
/Web Site: http://www.cfp.net
CO: Certified Financial Planner Board of
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|Copyright:||(c) 2012 The Associated Press|