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Financial Planning > Behavioral Finance

MetLife: Some Will Talk To A Financial Advisor

By staff Writer

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About 15% of U.S. residents say they plan to protect themselves from another financial crisis by getting professional financial advice.

Marketers at MetLife Inc., New York, (NYSE:MET) have published that figure in a summary of results from a survey of 2,191 U.S. adults ages 18 and older conducted in September.

About 50% said the recent financial crisis has caused them to lose faith in traditional retirement safety nets, such as defined benefit pensions, Social Security and Medicare.

About 54% said the crisis has caused them to lose trust in financial institutions in general.

But about 35% of the participants said they have kept on making regular 401(k) plan or other retirement plan contributions, and 13% said they have increased their contributions.

When researchers asked participants about the steps they will be taking to guard against future economic crisises, 65% said they would reduce spending on non-essential purchases, 57% said they would build a cash cushion, and 17% said they would allocate a portion of investments to products that provide a guaranteed income or to other types of “very low risk” products.

Another 15% said they would “consult a financial advisor,” and 13% of the survey participants said they regretted that they had not sought the advice of a financial advisor earlier.

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