Press Releases

Release Date: Oct. 3, 2007
Contact:
Jeannie Bunton (202) 216-2067, jbunton@sifma.org; Melissa Buden, (646) 637-9268, mbuden@sifma.org

Survey: Most Crave Financial Advice Over Personal Trainer, Fashion Consultant

SIFMA Urges Retirement Savings, Investing and Planning

Washington, D.C., October 3, 2007 – A majority of adults (53%) would choose to receive financial advice over that of a personal trainer, interior designer or fashion consultant if given the opportunity, according to the findings of a recent survey conducted on behalf of the Securities Industry and Financial Markets Association (SIFMA). 

The findings show that while most people want financial guidance, they also want to retain personal responsibility for what they do with that guidance.  If told they need to save more money now to maintain their lifestyle in retirement, nearly half (46%) say that they would ask a financial advisor to “tell me what I should do.”  Nearly one-third replied “make the process easy for me.” 

“When it comes to retirement planning, a striking proportion of adults across every segment of the population crave financial advice,” said Marc Lackritz, president and CEO of SIFMA.  “Clearly guidance and ease are significant motivating factors when it comes to saving for retirement.  This survey suggests people are paying attention, prioritizing and want help.”  

Lackritz added, “Greater participation and accessibility to retirement savings could be achieved through simplifying the vast array of plan choices and rules governing them.” 

The survey also found:

• Half polled evaluate their financial plans for retirement at least once a year; compared to one-quarter who say “occasionally, when I get around to it;” and 19% who say they “never” do.
• Nearly a third of American adults continue to describe themselves as either “apprehensive,” “panicked” or “clueless” about their retirement preparedness.
• Younger people (ages 18-34) are the most likely to admit to feeling “clueless” (22%) about saving for retirement.
• Those who plan regularly are much more confident and comfortable about saving for retirement.

“There are a thousand exercise regimens that could get you in shape – the key is choosing the one that’s right for you.  The same holds true for savings plans,” noted Lackritz.  “Planning for the future is increasingly the responsibility of the individual.  That’s why sound advice from a financial professional combined with individual financial education makes a difference in reaching retirement savings goals.”

SIFMA has several useful Web sites that are excellent resources for those looking for more information on savings and investing, including www.pathtoinvesting.com, www.investinginbonds.com and www.tomorrowsmoney.org.  Additionally, SIFMA’s new public education retirement Web site, www.retiresmarts.com, is a valuable resource on data, trends and statistical information for the retirement climate across the United States.

The telephone poll of 1,001 nationally representative respondents was conducted from September 21-23, 2007 by Artemis Strategy Group (using the IPSOS U.S. Express Telephone Omnibus) and commissioned by the Securities Industry and Financial Markets Association (SIFMA).  The data are weighted to give appropriate representation on various demographic factors, including: age, income, the four national census regions and gender.

Read Full Survey Report Here (pdf)

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.