(Washington, DC, Wednesday, December 5, 2018) – Even with an economy running at full tilt, a majority of American voters are less confident about their retirement prospects than they were five years ago, according to a new survey released by the Certified Financial Planner Board of Standards, Inc. (CFP Board).
The election-night survey of more than 1,000 American voters showed that despite the strong economy:
- More than 60 percent of working voters feel it is now harder to retire on time than it was five years ago;
- The majority (58 percent) predict it will remain difficult to retire on time five years from now;
- Two-thirds of those surveyed have less than $100,000 in household financial assets outside of their primary residence, resulting in American voters’ doubts about having enough savings to last comfortably throughout retirement; and
- While almost two-in-three (62 percent) are confident in their ability to maintain their savings as they transition to retirement, less than half (45 percent) think their savings will last them through retirement.
There is a silver lining – today’s political climate and the current state of affairs in our country is positively impacting Americans’ perspective when it comes to managing their finances, with one-in-three saying they are now much more proactive about setting and following a financial plan.
Despite that more than 70 percent of voters do not currently work with a financial advisor to develop a financial plan, three-in-five report they are likely to work with an advisor when it comes to retirement. Among these individuals, almost half (49 percent) want to start planning at least five years in advance, signifying that the demand for financial advice will only continue to grow.
When it comes to qualities Americans look for when choosing a financial advisor, the majority want someone who can provide a comprehensive plan that takes their holistic financial situation into consideration (82 percent) and believe their financial advisor should always work in their best interest (79 percent).