Less Than Half Of Ohio Adults Have A Financial Plan
According to Public Policy Polling (PPP), only 41% of Ohio adults have a financial plan for retirement.A recent survey conducted by the PPP for the Association of Financial Counseling & Planning Education (AFCPE) revealed that many Ohioans did not have financial plans because they felt they lacked the knowledge or lacked the money to invest.
When asked how far along their retirement planning was, responses included everything from they had not yet started planning (14%), to they had just started planning (12%), to they started planning but had to stop because the money was needed for something else (23%), to they had a plan and were following it (41%).
Of Ohioans without a financial plan, 23% said they did not know enough “to feel comfortable” saving and investing for retirement.
More than half of Ohioans did not seek financial help from experts. Fifty-seven percent of those without financial plans thought that using a financial planner or counselor would be too expensive.
Also of note, Ohio residents relied more “on word of mouth than checking out the background of a financial professional.” Additionally, of those Ohio adults using a financial professional to help with their investments:
• 61% made their decision based on a recommendation from a relative, friend, co-worker or neighbor
• 24% did their own research into the professional’s background and services
• 76% said they checked to see if the person was licensed to do business in Ohio
• 17% actually contacted the Ohio Department of Commerce – Securities Division, which is where they would be most likely to verify proper licensing
To encourage Ohioans to save and invest for retirement, half-a-dozen local and national organizations have banded together to launch the “Building the Bridge to Investor Education and Protection for Ohioans” program.
The program features the Detroit Public Television documentary, “When I’m 65,” and links financial professionals with community events and resources that foster investor education.
To learn more about the Building the Bridge program, please visit www.wi65.org/ohio.