Are Americans frightened to talk to a financial advisor? The latest survey has found that such is the case in a vast majority. But why?
There’s no better expert to speak to when trying to plan your retirement than a financial advisor or a financial planner. But a vast majority of Americans are hesitant to do so. These experts are helpful for older Americans seeking to retire with a larger nest egg, and can also provide them with valuable advice on a reverse mortgage, a common retirement vehicle.
Yet, many older Americans are simply afraid to talk to one.
A recent Harris Poll survey that polled 2,000 adults in the U.S. found that speaking with a financial advisors scares them, with 49% saying that the cost of doing so was their most immediate concern.
This is confounding, and correlates with a CNCB report that found that 33% of Americans have no financial plan in place whatsoever to help them procure a quality retirement.
Younger Americans were the most hindered, with 82% of those ages 18 to 34 saying they were scared of talking to a financial advisor. About 63% of those age 45 or older were also scared about “some aspect” of it.
Interestingly enough, the same poll found that 47% of respondents were reluctant to trust a financial advisor, while 41% didn’t think they could get help with their finances by speaking with one.
A recent USA Today report found that a shocking one-third of all Americans have no retirement savings, while a Zero Hedge report found that over half of all Baby Boomers have no retirement savings, either.
The latest Census reports find that between 2% and 5% of older Americans have a reverse mortgage at the present. Considering that over half of the retiring generation, or those who are retired, have no real nest egg to speak of, it’s not a bad idea to consider all of your options when trying to sustain your quality of life throughout retirement.
It’s your home. It’s certainly your equity and hard earned money. But in order to take advantage of what you’ve worked so hard to attain, you can’t balk at speaking to a financial advisor. It’s part of the reverse mortgage process. And it could just be the smartest phone call you ever make.