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Research conducted by CFP Board found that 9 in 10 Americans are concerned about the current cost of living in the United States. CFP Board conducted this survey on February 28, 2023, to assess consumer sentiment in the current economic climate.


  • 89% of Americans (nearly 9 in 10) are concerned about the current cost of living in the United States.
  • While older adults are much more likely to have worked with a financial planner compared to younger adults, younger adults plan to seek a financial planner at a substantially higher rate than older adults (38% vs. 22%).
  • Americans are interested in working with a financial planner if their income increases substantially, if the government incentivizes it or if a trusted person refers them.
  • Americans generally are feeling shortsighted and want to focus on immediate cost-saving measures, while those with higher incomes also prioritize investments.
  • Because of the current economic climate, a plurality (34%) of Americans say they are saving more for retirement.
  • The ability to save money is a concern for everyone (82%). This concern increases for those 45 and older (86% vs. 78%).
  • With 69% of consumers concerned about preparing for retirement, one-third (34%) have saved more for retirement this past year.
  • Debt remains a major challenge for Americans. Americans are most concerned about credit card debt (96%) and medical debt (78%).
  • Younger generations are also more likely to make decisions that could impact them negatively in the long term. Investors under 45 were more likely to delay credit card payments (29% vs. 17%) and delay loan payments (25% vs. 16%).

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More than half of American consumers (53%) currently work or have worked with a financial planner. Young adults (38%), however, are more likely to seek the counsel of a financial planner in the future than older adults (22%).