Where Are Americans Getting Their Financial Advice?

You’d think that in today’s economy more Americans would look to the professionals, especially if they are looking at a future of Unretirement – working past the traditional retirement age because they have to or want to. But that’s not the case. Most Americans, especially those under 50, are more likely to turn to family members or friends before financial advisors when it comes to financial advice. To see what American workers think of the media, the Internet and TV personalities when it comes to financial advice, click here.

65% of all Americans will need to work at least one more year because of the economic crisis.

As of September 2009 almost two thirds (65%) of current workers say that the current economic crisis will delay their retirement plans by one year or more. This is a large increase from 54% in December 2008.

A record of 55% of Americans now plan to work past age 67, and the number who plan to work full-time at that age is also a new high.

There is an accelerating trend toward lower intentions to retire at age 67 and higher intentions to work, and if working, work full-time.

Americans are feeling far less confident about their retirement and financial planning than ever.

Confidence in planning for the future is in decline across many areas between August 2008 and September 2009, including:

• -8% pt decline in "have enough money to pursue hobbies and interests"
• -7% pt decline in "live the kind of life you want to live"
• -6% pt decline in "have enough money to take care of basic living expenses"
• -6% decline in "be able to take care of medical expenses"

Americans increasingly do not believe Social Security will be available when they retire.

The percentage of Americans who have doubts about Social Security's future has risen 13% in the last year.

The reason for continuing to work past 67 were split between financial and personal reasons.

More than three in four (77%) American workers have responded to the economy by reducing their spending.

Almost half (48% of Americans are saving and investing more.

More than three in four (77%) American workers have responded to the economy by reducing their spending.

About four in five reduced their entertainment (80%) and dining expenditures (78%), almost six in ten (58%) put off a large purchase and almost half (49%) cancelled planned travel or vacation.

Almost half (48%) of Americans are saving and investing more.

Around half (44%) are building up an emergency fund and over one in three (39%) are rebuilding their retirement savings.