Financial managers are being asked to provide their financial forecasts for the coming years, and the survey has some interesting findings.
It was commissioned by the National Centre for Retirement Research (NCRR) and the Centre for Social Justice (CSJ), and the authors hope it will help to better understand the needs of financial managers in the current financial climate.
“The survey is a reflection of the wide range of interests that financial professionals and their clients have in the future of financial planning, and provides the most comprehensive and detailed look at how people are approaching financial planning,” says the survey’s lead author, Mark R. Condon.
While the survey is only for financial professionals, the results should help to inform the way financial planning is being conducted.
The survey was launched by the NCRR, CSJ and CSF, a national research group.
In its first year, it received a total of 9,871 responses from financial professionals across a range of industries, including accounting, business and insurance.
As well as giving financial planners the opportunity to share their views on their personal financial planning strategy, the survey also looked at the impact of financial deregulation on the sector.
Respondents were asked how they would feel if they were asked to make a specific contribution to the economy, the financial sector or the broader economy, as part of a plan to address a particular issue, such as the financial crisis.
Overall, respondents felt that their role as a financial professional was more important to them than the size of their business, and they were also more likely to say that they would be better off working from home, rather than in an office environment.
There were also some findings that were surprising.
For example, while 78 per cent of respondents thought they would have to be at work longer to be able to fund a retirement, only 20 per cent said that they thought they could afford to do so.
That is a drop in the ocean for those surveyed, but one that is likely to be felt by many financial planners.
Although many of those surveyed believed that they could save a significant amount of money, the majority of respondents said they felt they would still have to work a lot more than they would like to if they had to take on a greater responsibility.
A further surprise was that a majority of those polled felt that they should have to make more than the recommended monthly salary.
Condon and his team hope that the survey will be a valuable resource to help financial planners to make better decisions for themselves and their families in the coming financial year.
Read more: Citi’s annual survey on financial planning