ATLANTA--(BUSINESS WIRE)--Even with a turbulent economy, Americans are more optimistic about their personal financial futures than that of the overall economy, and those who have planned have a more upbeat outlook, according to a survey released by Certified Financial Planner Board of Standards, Inc. and supported by Christian Koch, CFP®, President and Chief Investment Officer of KAM South, a fee-only investment management and financial planning firm in Atlanta, Georgia.
“While our country continues to grapple with sustained unemployment and other economic headwinds, Americans have a more positive outlook on their own personal finances. And those people who have a financial plan believe that their own financial situation will improve over the next year and are willing to contribute to the economy by spending more,” said Charles A. Moran, CFP®, Chair of CFP Board’s Board of Directors.
Mr. Koch said that our core mission statement and client Credo at KAM South is to: 1) Help clients determine their current financial status; 2) Guide them to consider all aspects of their finances; 3) Prioritize financial opportunities and decisions; 4) Offer honest feedback; 5) Help bring peace of mind by offering professional, open and candid communications; 6) Proactively adopt a Fiduciary Standard.
Of the 1,011 adults participating in the telephone survey, findings showed:
- The majority of Americans (59 percent) are not confident that the overall economy will rebound within the next year.
- The majority of respondents have experienced negative fallout from the recession with 53 percent having delayed making a big purchase and 45 percent dipping into their savings.
- Despite the weak confidence in the economy as a whole, Americans have a slightly more encouraging attitude with regard to their own finances, with 83 percent saying their personal financial situation would remain the same or improve during the upcoming year.
- Planning ahead for financial goals makes a significant impact on people’s outlook – with 58 percent of Americans indicating that they would feel more confident about their finances if they had a financial plan in place.
- More than four in five (86 percent) respondents agree with the statement, “Everyone should have a financial plan. Even if you have very little money it is good to know in advance how you will spend it and the best means of growing what you have.”
- Nearly four out of five people (79 percent) claim to have a financial plan; however, the majority do not have an official, written document as almost half (46 percent) said they just have a plan in their head, and 11 percent only have notes or ideas written down. 42 percent of respondents said they had an official written plan.
- Trust in financial planners is shaken due to the recent financial crisis. However, if given one hour with a financial planner, people would take advantage of it – focusing on retirement and budget planning. 36 percent of Americans reported working with a financial planner or advisor.
Christian Koch, CFP®, said that these results are more evidence that people need to understand the importance of a financial plan as too many Americans are not taking the necessary steps to formalize it in a concrete, comprehensive way. “Creating and following through with a financial plan can be overwhelming for many people. This survey shows the importance of our efforts to educate consumers about the value of financial planning,” said Mr. Koch. “There are many different sources of advice, and consumers need to be aware of the breadth of options to identify the resource that best suits their individual needs. For many, turning to a CERTIFIED FINANCIAL PLANNER™ professional can help them develop an actionable strategy for meeting their financial goals.” Results of the entire survey can be found by clicking here and at CFP.net.
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® professionals and other stakeholders. CFP Board owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, 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 63,000 individuals to use these marks in the U.S.
About KAM South
Mr. Koch is a Certified Financial Planner™ professional with over 15 years of active investment management experience. He is a NAPFA Registered Financial Advisor, a member of the New York Society of Securities Analysts and the Harvard Business School Club of Atlanta. KAM South is a Registered Investment Advisor (RIA) and is located in Atlanta, Georgia. Those interest in learning more about the firm are encouraged to visit the firm’s website at (www.kamsouth.com)
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