A survey finds financial advisors had mixed views of how the current financial crisis will affect consumer confidence over the next 12 months.
NAVA, Reston, Va., polled participants at its annual conference in Philadelphia this week. Of the 300 advisors taking part in the poll, 35% said consumer confidence will rise, and 41% predicted that it will fall.
Almost all the financial professionals participating in the survey said they believe that most retirement-minded Americans will take some action to deal with the current financial crisis.
Investors preparing to retire plan to move money into “safer” investments, become more risk-averse, avoid equity-based financial products, and even “stash their savings under their mattresses,” according to survey participants.