Atlanta, Ga. (Oct. 9, 2003) -- The economic climate hasn’t changed the financial behavior of most Americans, according to a survey by the Financial Planning Association.
Fifty-one percent of survey respondents said the economic climate hasn’t changed their financial behavior, while 48 percent said it has. Those who have made adjustments tended to concentrate on behaviors that affect their daily lives, with changes in the way Americans budgeted, purchased and saved at higher percentages (81 percent, 82 percent and 72 percent respectively), than investing and retirement plans, FPA reported.
Americans are slightly more confident in their financial future than they were a year ago. Half of respondents said they are somewhat confident in their financial future, up from 47 percent in 2002, FPA said.
According to the report, most Americans are reluctant to leave their comfort zone when it comes to certain financial resources and behaviors. Nearly 80 percent of respondents said they were very or somewhat familiar with personal banking services, tax and accounting services and insurance, compared to 50 percent who said they were very or somewhat familiar with investment management, estate planning and financial planning services.
“What we are seeing here is most Americans are waiting out the economy,” said FPA president David Yeske. “They aren’t making any sweeping changes, but they are careful to not take on any new products or services, which may mean more expenses for them.”
-- WebCPA staff
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