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Advisors Instill Confidence in Face of Recession

By Michael S. Fischer October 10, 2019 ThinkAdvisor

Fifty-five percent of American adults expect a recession in the next year, according to a survey released Thursday by the Certified Financial Planner Board of Standards, a professional organization for personal financial advisors.

However, the research found that 65% of adults who worked with a financial advisor said they felt more prepared for a recession than they did in 2008. The CFP Board reported that 73% of those who worked specifically with a CFP professional said they felt more prepared.

The survey showed that 59% of consumers were generally optimistic about their household or personal financial situations, while 52% were optimistic about the future of the U.S. economy.

At the same time, 63% of respondents expressed concern about the possibility of an economic recession, and 25% said they were very concerned.

Three in four respondents said a recession would affect their household, and more than a third said it would be a major blow.

“While we will not know precisely when the next recession will occur, it is imperative that consumers feel prepared and assured in their ability to withstand the pressures of a financial downturn,” Kevin R Keller, CFP Board’s chief executive, said in a statement.

The polling was conducted Sept. 17 and 18 among a national sample of 2,196 adults and Sept. 24 to 26 among 2,200 adults.

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by Michael S. Fischer
October 10, 2019