More Americans are prioritizing long-term personal finance, but they say they want a government safety net, a recent study finds.
More American recognize that they are in charge of their long-term financial stability and are accepting more responsibility for their retirement, health care and education, a recent survey from the Certified Financial Planner Board of Standards concludes.
Americans struggle to balance short-term and long-term priorities in this volatile economy and they say they are aware that their financial fate is driven by their own decisions. But they still expect government to provide a social safety net incase their decisions fail them, such as in instances of fraud and abuse, according to the survey of 1,015 Americans over 18.
Credit unions can further encourage a growing sense of financial responsibility in their members through financial planning assistance, encouraging healthy saving, spending, and budgeting habits.
“Our nation’s economic growth will be even greater if people are better armed to make smart financial decisions and plan for their financial future, which Americans are generally more optimistic about than negative,” says CFP Board CEO Kevin R. Keller.
About 82% of respondents recognized the urgency of creating a financial plan, with 60% of them saying they would benefit from financial counseling from a planner or advisor. Roughly 67% said they believe they have sole responsibility for their financial future, but 72% want a safety net like Social Security and 62% want a safety net like Medicare. And 67% of respondents say they believe it’s the government’s responsibility to protect investors from fraud and abuse.
Americans seem conflicted about their financial security with 44% not feeling better about their security than they did a year ago and 23% feeling worse. But 51% are hopeful that they’re financial situation will improve over the next year; less than 10% expect it to worsen, according to the survey.