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Consumer Surveys

2019 Survey of Consumer and Advisor Views on Saving and Managing Money

Research conducted by Heart + Mind Strategies in February 2019 for CFP Board found that financial advisors and consumers are not on the same page when it comes to spending, saving, budgeting and managing money.

Findings from the study include:

  • Advisors and consumers are in agreement that it is easy for consumers to spend money. However, there is a disconnect when it comes to saving and managing money.
  • Consumers think it is easy, while advisors, as financially trained individuals, disagree.
  • Advisors feel that those consumers with a discrepancy between spending and overall goals would benefit the most by having a cash flow management plan.
  • Additionally, the majority of advisors agree that consumers who model cash flow are more confident and secure about their financial future.
  • Withholding needed data, not providing accurate information and overall lack of time are barriers advisors face when discussing cash flow management with consumers.
  • 74% of advisors currently provide some form of cash flow management for their clients, with over half (53%) including it in their client’s plan at least very often.
  • Financial advisors feel that cash flow management has many benefits to their clients including:
  • Provides a tangible idea of what to expect
  • Helps fully understand and effectively manage spending behavior
  • Establishes realistic savings goals
  • Assists in overall financial planning to help reach goals
Read the full survey report 

View the survey infographic