SENIORS LACK ECONOMIC SECURITYThree out of four senior households are said to lack the economic security needed to sustain them through their lives, according to a new study from the Senior Economic Security Index, a research project developed by the Institute on Assets and Social Policy at Brandeis University and Demos, a national public policy and research organization. The study pointed out that 87 percent of all senior households are financially vulnerable when it comes to their ability to meet essential expenses and to cover projected costs over their lifetimes.
For the report, go to www.demos.org or www.iasp.brandeis.edu.
NEW REQUIREMENTS FOR CHFC
The American College's Chartered Financial Consultant designation will now require a total of nine college-level courses for students starting the program on or after Oct. 1, 2009.
Each of the courses involves 50 hours or more of study time and has a detailed, proctored examination. Among other topics, the curriculum covers: ethical considerations in creating a financial plan; insurance, tax, retirement and estate planning; investments; and case analysis. It also includes options for additional study in other areas.
AICPA: CLIENTS DELAY RETIREMENT
A new study by the American Institute of CPAs shows that clients of financial planners are putting their retirement plans on hold and bypassing such things as vacations.
CPA financial planners polled by the institute reported that nearly 35 percent of their clients who are approaching retirement age are postponing leaving the workforce because of economic conditions. A majority of those who are postponing retirement - 67 percent - plan to delay it no more than five years. Only 9.6 percent are postponing for six years or more.
Some 60 percent of CPA financial planner clients are postponing vacations, 52 percent are postponing car purchases and/or the buying or selling of a home, and 42 percent have cancelled home renovations. Only 11 percent of CPAs have clients who have no plans to change their current spending.
The survey was conducted via a questionnaire e-mailed to members of the AICPA Financial Planning Membership Section.
ECO-INVESTING ON THE RISE
Americans predict a golden age for green investing, according to Allianz Global Investors. In its second annual survey on environmental investing, Allianz found that 78 percent of the investors polled said that the country is likely to see more policies to promote business investment in new environmental technologies in 2009. In fact, nearly all investors in the Allianz poll (97 percent) said that exploring alternative fuel sources for the future will remain important even with declining gas prices.
