The Certified Financial Planner Board of Standards Inc. (CFP for short) recently published the results of a poll that showed that Americans are optimistic about a national economic recovery in the next half year. However, as Bloomberg reports, the CFP study also shows that the majority of Americans don’t have as much faith that their personal finances will improve. Developing a savings, financing college and preparing for retirement are all areas of great concern.
Personal finances don’t light up the headlines like recession busting
The CFP found that 44 percent of individuals expect the U.S. economy to rise before their personal finances discover relief, when 28 percent have a doom and gloom outlook. Robert Glovsky of the CFP told Bloomberg that “Americans are usually hopeful, and much of the economic news leads us to conclude that we are out of the recession, and a double dip is unlikely”.
However, that hope largely does not extend to the arena of personal finances. Consumer confidence is on an upswing and unemployment is down slightly – at least what has been declared – yet two-thirds of the CFP poll respondents are gripping over some of the big questions of personal finances. Consumers may want cash now during this recession, but credit issues may preclude them from a bank loan. Relying upon a a bad credit score personal loans is an choice, but not one that has inspired consumers to view their financial futures in the most good manner.
Worrying about the big three
The 1,000-strong CFP survey group – comprised of respondents aged 18 and up – was largely fearful of developing a functional savings, paying for higher education and getting set for retirement. Adding to the worries surrounding their personal finances, 80 percent of respondents felt that Congress and federal regulators hadn’t taken an active enough role in pushing legislation to regulate financial markets. However, various media sources indicate a reform bill may pass through Congress soon.
More information
bloomberg.com/news/2010-07-13/americans-are-more-optimistic-about-economy-than-own-finances-survey-says.html
cfp.net/media/release.asp?id=253
