Many American families are struggling as a result of the Great Recession but those who have taken time to develop a financial plan feel more confident and are doing a better job at managing their assets. Despite current economic conditions, these investors feel they are on course to reach their long term goals.
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A new survey by the Consumer Federal of America and the CFP® Board says that less than one third of those without a financial plan have the same level of confidence.
Yet only 31% of 1500 respondents said they have a financial plan. Two-thirds of respondents have created some type of plan for achieving at least one of their goals. Consumers are not sure whom to trust for financial advice in light of revelations of fraud and market manipulation over the past several years.
The middle class has suffered the most from the economic crisis
according to a report from the Federal Reserve. The average family has no more wealth today than it had in the early 1990s, two decades ago.
Most people’s homes have been their most valuable asset so the mortgage crisis has been the largest factor in reducing wealth for middle income investors. Only one third of people still think they will be able to retire at age 65 and as many as 27% think they will not be able to retire before age 70. Many think they will still be making mortgage payments after they retire.