logo
#

Latest news with #CFPBoard

CORRECTING and REPLACING: Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals
CORRECTING and REPLACING: Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals

Yahoo

time12 hours ago

  • Business
  • Yahoo

CORRECTING and REPLACING: Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals

Only 2 in 5 Americans Believe Online Financial Information Is "in Their Best Interests" WASHINGTON, June 10, 2025--(BUSINESS WIRE)--The links to the report in the first and eleventh paragraphs were updated. The updated release reads: BAD ONLINE ADVICE LEADS MAJORITY OF AMERICANS TO MAKE REGRETTABLE FINANCIAL DECISIONS, CFP BOARD SURVEY REVEALS Only 2 in 5 Americans Believe Online Financial Information Is "in Their Best Interests" Misinformation about money is everywhere online, and Americans are paying the price for it. CFP Board's latest research report, Steering Clear of Financial Misinformation: A Survey of Americans, finds that while more people are turning to the internet for financial advice, most doubt its credibility. As a result, nearly 3 in 5 (57%) say they've made regrettable financial decisions based on misleading online information. Even with the vast availability of financial content online, fewer than 2 in 5 Americans (39%) believe this information serves their best interests. Further, more than 3 in 5 (62%) now spend more time verifying information than they did five years ago. "Americans are drowning in online money advice, much of it misleading," said CFP Board CEO Kevin R. Keller, CAE. "That gap between easy access and reliability puts financial futures at risk. CFP® professionals offer a trusted alternative: personalized guidance backed by rigorous training, high ethical standards and a commitment to put their clients' best interests first." Misinformation Comes With a Cost Financial misinformation doesn't just confuse; it costs people money. Nearly 2 in 5 Americans (39%) have lost $250 or more due to bad advice, and almost 1 in 5 (18%) have suffered losses over $1,000. While some have narrowly avoided these pitfalls — 1 in 5 reconsidered questionable advice before acting — many face lasting effects. Among those with regrets, common consequences include delaying major financial decisions (33%), acting without professional input (29%), incurring unnecessary fees (28%) and sharing inaccurate information with others (28%). One in five (21%) report increased financial anxiety. Younger Americans Are More Vulnerable to Digital Misinformation The research reveals a stark generational divide in both trust and consequences. Nearly half of Americans aged 25-45 (48%) believe online financial content serves their best interests, almost double the rate of those aged 46-64 (25%). Younger adults are also more likely to act on misleading information, with 64% reporting regrettable decisions, compared to 45% of those aged 46-54. Only 33% of younger Americans say they have entirely avoided mistakes from online financial advice, compared to 54% of older adults. The generational gap extends to sources of financial guidance as well. Younger respondents are nearly twice as likely to trust financial advice from AI (44% vs. 26%) and guidance found on social media (44% vs. 24%). "Many Americans mistake popularity for credibility when turning to social media and AI for financial advice," said Kevin Roth, Ph.D., Managing Director of Research at CFP Board. "That misplaced trust can lead to costly mistakes. Working with a CFP® professional helps avoid those pitfalls and build confidence in financial decisions." CFP® Professionals Offer a Clear Path Forward Amid growing digital misinformation, most Americans trust financial advisors like CFP® professionals. In fact, three in four Americans (74%) say they feel confident following their financial advisor's advice without needing further verification. Backed by strict competency and ethical standards, CFP® professionals provide reliable guidance to help individuals achieve their financial goals. To find a CFP® professional who can help you navigate the complex financial information landscape, visit Read the full Steering Clear of Financial Misinformation: A Survey of Americans report. METHODOLOGY On April 7-8, 2025, CFP Board's Research team sent a 13-question survey to randomly selected Americans aged 25 and 64 nationwide, as sourced by Alchemer. The panel helps ensure that the data collected reflects a reliable demographic and geographic representation of the U.S. population. The survey generated 1,044 responses, the data from which serves as the basis of this report and is subject to a sampling error of +/- 3.0% at the 95% confidence interval. ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge. View source version on Contacts Joseph Feese, Director of Public Relations, P: 202-379-2305, E: media@ Sign in to access your portfolio

CORRECTING and REPLACING: Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals
CORRECTING and REPLACING: Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals

Business Wire

time12 hours ago

  • Business
  • Business Wire

CORRECTING and REPLACING: Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals

WASHINGTON--(BUSINESS WIRE)--The links to the report in the first and eleventh paragraphs were updated. The updated release reads: BAD ONLINE ADVICE LEADS MAJORITY OF AMERICANS TO MAKE REGRETTABLE FINANCIAL DECISIONS, CFP BOARD SURVEY REVEALS Only 2 in 5 Americans Believe Online Financial Information Is 'in Their Best Interests' Misinformation about money is everywhere online, and Americans are paying the price for it. CFP Board's latest research report, Steering Clear of Financial Misinformation: A Survey of Americans, finds that while more people are turning to the internet for financial advice, most doubt its credibility. As a result, nearly 3 in 5 (57%) say they've made regrettable financial decisions based on misleading online information. Even with the vast availability of financial content online, fewer than 2 in 5 Americans (39%) believe this information serves their best interests. Further, more than 3 in 5 (62%) now spend more time verifying information than they did five years ago. 'Americans are drowning in online money advice, much of it misleading,' said CFP Board CEO Kevin R. Keller, CAE. 'That gap between easy access and reliability puts financial futures at risk. CFP® professionals offer a trusted alternative: personalized guidance backed by rigorous training, high ethical standards and a commitment to put their clients' best interests first.' Misinformation Comes With a Cost Financial misinformation doesn't just confuse; it costs people money. Nearly 2 in 5 Americans (39%) have lost $250 or more due to bad advice, and almost 1 in 5 (18%) have suffered losses over $1,000. While some have narrowly avoided these pitfalls — 1 in 5 reconsidered questionable advice before acting — many face lasting effects. Among those with regrets, common consequences include delaying major financial decisions (33%), acting without professional input (29%), incurring unnecessary fees (28%) and sharing inaccurate information with others (28%). One in five (21%) report increased financial anxiety. Younger Americans Are More Vulnerable to Digital Misinformation The research reveals a stark generational divide in both trust and consequences. Nearly half of Americans aged 25-45 (48%) believe online financial content serves their best interests, almost double the rate of those aged 46-64 (25%). Younger adults are also more likely to act on misleading information, with 64% reporting regrettable decisions, compared to 45% of those aged 46-54. Only 33% of younger Americans say they have entirely avoided mistakes from online financial advice, compared to 54% of older adults. The generational gap extends to sources of financial guidance as well. Younger respondents are nearly twice as likely to trust financial advice from AI (44% vs. 26%) and guidance found on social media (44% vs. 24%). 'Many Americans mistake popularity for credibility when turning to social media and AI for financial advice,' said Kevin Roth, Ph.D., Managing Director of Research at CFP Board. 'That misplaced trust can lead to costly mistakes. Working with a CFP® professional helps avoid those pitfalls and build confidence in financial decisions.' CFP ® Professionals Offer a Clear Path Forward Amid growing digital misinformation, most Americans trust financial advisors like CFP® professionals. In fact, three in four Americans (74%) say they feel confident following their financial advisor's advice without needing further verification. Backed by strict competency and ethical standards, CFP® professionals provide reliable guidance to help individuals achieve their financial goals. To find a CFP® professional who can help you navigate the complex financial information landscape, visit Read the full Steering Clear of Financial Misinformation: A Survey of Americans report. METHODOLOGY On April 7-8, 2025, CFP Board's Research team sent a 13-question survey to randomly selected Americans aged 25 and 64 nationwide, as sourced by Alchemer. The panel helps ensure that the data collected reflects a reliable demographic and geographic representation of the U.S. population. The survey generated 1,044 responses, the data from which serves as the basis of this report and is subject to a sampling error of +/- 3.0% at the 95% confidence interval. ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.

Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals
Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals

Business Wire

time20 hours ago

  • Business
  • Business Wire

Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals

WASHINGTON--(BUSINESS WIRE)--Misinformation about money is everywhere online, and Americans are paying the price for it. CFP Board's latest research report, Steering Clear of Financial Misinformation: A Survey of Americans, finds that while more people are turning to the internet for financial advice, most doubt its credibility. As a result, nearly 3 in 5 (57%) say they've made regrettable financial decisions based on misleading online information. Even with the vast availability of financial content online, fewer than 2 in 5 Americans (39%) believe this information serves their best interests. Further, more than 3 in 5 (62%) now spend more time verifying information than they did five years ago. 'Americans are drowning in online money advice, much of it misleading,' said CFP Board CEO Kevin R. Keller, CAE. 'That gap between easy access and reliability puts financial futures at risk. CFP® professionals offer a trusted alternative: personalized guidance backed by rigorous training, high ethical standards and a commitment to put their clients' best interests first.' Misinformation Comes With a Cost Financial misinformation doesn't just confuse; it costs people money. Nearly 2 in 5 Americans (39%) have lost $250 or more due to bad advice, and almost 1 in 5 (18%) have suffered losses over $1,000. While some have narrowly avoided these pitfalls — 1 in 5 reconsidered questionable advice before acting — many face lasting effects. Among those with regrets, common consequences include delaying major financial decisions (33%), acting without professional input (29%), incurring unnecessary fees (28%) and sharing inaccurate information with others (28%). One in five (21%) report increased financial anxiety. Younger Americans Are More Vulnerable to Digital Misinformation The research reveals a stark generational divide in both trust and consequences. Nearly half of Americans aged 25-45 (48%) believe online financial content serves their best interests, almost double the rate of those aged 46-64 (25%). Younger adults are also more likely to act on misleading information, with 64% reporting regrettable decisions, compared to 45% of those aged 46-54. Only 33% of younger Americans say they have entirely avoided mistakes from online financial advice, compared to 54% of older adults. The generational gap extends to sources of financial guidance as well. Younger respondents are nearly twice as likely to trust financial advice from AI (44% vs. 26%) and guidance found on social media (44% vs. 24%). 'Many Americans mistake popularity for credibility when turning to social media and AI for financial advice,' said Kevin Roth, Ph.D., Managing Director of Research at CFP Board. 'That misplaced trust can lead to costly mistakes. Working with a CFP® professional helps avoid those pitfalls and build confidence in financial decisions.' CFP ® Professionals Offer a Clear Path Forward Amid growing digital misinformation, most Americans trust financial advisors like CFP® professionals. In fact, three in four Americans (74%) say they feel confident following their financial advisor's advice without needing further verification. Backed by strict competency and ethical standards, CFP® professionals provide reliable guidance to help individuals achieve their financial goals. To find a CFP® professional who can help you navigate the complex financial information landscape, visit Read the full Steering Clear of Financial Misinformation: A Survey of Americans report. METHODOLOGY On April 7-8, 2025, CFP Board's Research team sent a 13-question survey to randomly selected Americans aged 25 and 64 nationwide, as sourced by Alchemer. The panel helps ensure that the data collected reflects a reliable demographic and geographic representation of the U.S. population. The survey generated 1,044 responses, the data from which serves as the basis of this report and is subject to a sampling error of +/- 3.0% at the 95% confidence interval. ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.

CFP Board Unveils Power-Packed Agenda for 2025 Connections Conference
CFP Board Unveils Power-Packed Agenda for 2025 Connections Conference

Business Wire

time6 days ago

  • Business
  • Business Wire

CFP Board Unveils Power-Packed Agenda for 2025 Connections Conference

WASHINGTON--(BUSINESS WIRE)--CFP Board today announced the agenda for its second annual Connections Conference, which will bring together financial planning professionals, educators and industry innovators. The Connections Conference will provide timely insights on topics such as artificial intelligence (AI), tax and estate planning, working with diverse clients and the psychology of financial planning, delivering strategies CFP ® professionals can implement immediately. The conference will be held October 6-8 in Chicago at the Chicago Marriott Downtown Magnificent Mile. 'This isn't your average financial services conference — we are convening the entire financial advice ecosystem,' said CFP Board CEO Kevin R. Keller, CAE. 'From firm leaders to researchers, CFP Board is creating a space for real collaboration and practical insight that moves the profession forward.' Continuing Education and Professional Growth CFP ® professionals attending the conference can earn up to 15 CE credits — including in ethics and the psychology of financial planning — while advancing their knowledge and meeting certification requirements. Sessions will cover topics ranging from regulatory changes to retirement. A Multifaceted, Topical Platform Attendees can expect a dynamic program featuring: Policy updates from Washington, D.C., and their impact on your practice. Techniques for succession planning, employee recruitment and retention. Strategies for helping clients through marital conflict, loss and grief. Groundbreaking research shaping the future of financial planning. Networking and recruitment opportunities. Pro bono best practices for serving underserved communities. Keynote Speakers Carrie Schwab-Pomerantz, MBA, CFP ®, Director of the Charles Schwab Board of Directors Carrie Schwab-Pomerantz, CFP ® is a nationally recognized authority on financial literacy and corporate social responsibility. A former Charles Schwab executive and advisor to two U.S. presidential councils, she has shaped national policy, led major nonprofit initiatives and expanded financial education for millions. Schwab-Pomerantz serves on Charles Schwab's Board of Directors and Risk Committee. Schwab-Pomerantz will share insights on career growth, increasing women's participation in financial planning and expanding access to financial education. Kay Firth-Butterfield, CEO of Good Tech Advisory Kay Firth-Butterfield is a leading global expert on AI governance. A former Head of Artificial Intelligence & Quantum and member of the Executive Committee at the World Economic Forum, she was the world's first Chief AI Ethics Officer. A barrister, former judge, professor and entrepreneur, she has authored books on human rights, AI and modern slavery. Her upcoming book, 'Co-Existing with AI – A Guide,' will be published in November 2025. She also serves on the boards of several prominent organizations focused on responsible AI. Firth-Butterfield will discuss the responsible use of AI, and how it can transform financial planning, improve decision-making and drive innovation in financial services. Jim Obergefell, Plaintiff in the Landmark Supreme Court Marriage Equality Case A self-described accidental activist, Jim Obergefell found himself in the role of caregiver for his partner of more than 20 years, John, as he neared the end of his life due to ALS. An unexpected series of events led to their decision to marry, eventually taking Jim to the Supreme Court and the landmark decision in Obergefell v. Hodges, which secured marriage equality nationwide. Now a self-described purposeful activist, Obergefell is dedicated to the fight for equality, not just for the LGBTQ community, but for civil rights for all. Obergefell will share guidance on how CFP ® professionals can better engage with and support clients from diverse backgrounds. Register Today Registration for the Connections Conference is now open. Early registration discounts are available for those who register before July 1, 2025. For more information on the conference, including the agenda and speakers, visit CFP Board's website, where you can also register for the Connections Conference. EDITOR'S NOTE: Reporters interested in covering the Connections Conference should email media@ for registration information. ABOUT CFP BOARD CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER ® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP ® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.

6 Budgeting Tips for Retirees After the Social Security Fairness Act
6 Budgeting Tips for Retirees After the Social Security Fairness Act

Yahoo

time03-06-2025

  • Business
  • Yahoo

6 Budgeting Tips for Retirees After the Social Security Fairness Act

Changes in Social Security policy can cause alarm to those currently on or soon to be claiming benefits. However, one piece of legislation, The Social Security Fairness Act (SSFA), signed by President Joe Biden in the last couple of weeks of his presidency, is designed to help certain groups of Social Security recipients. Find Out: Read Next: Financial experts explained what the SSFA means for retirees, and some budgeting tips when these changes go into effect. The SSFA repeals the Windfall Elimination Provision (WEP) from 1989 and the Government Pension Offset (GPO) from 1977, according to Don Grant, a CFP and CFP Board ambassador at CFP Board. 'Those two programs affect approximately 2.8 million government workers who were considered to have been double-dipping if they were to collect Social Security benefits while receiving pensions from non-Social Security-covered public sector jobs or a government pension,' he explained. By eliminating the WEP and GPO programs, nearly 3 million public workers, including teachers, firefighters, police officers and federal employees, will now be allowed to take their Social Security benefits in addition to their pensions, Grant explained. Learn More: While the SSFA reinstated eligible recipients' Social Security benefits, retroactive through 2024, Grant pointed out that recalculating benefits for 3 million current retirees takes time and resources. 'That effort is ongoing and may be in jeopardy due to the current administration's efforts to slash budgets and manpower in the agencies that perform those recalculations,' he urged patience to government and/or public sector workers affected by WEP or GPO, who haven't received benefits yet. 'There is no assurance that you'll receive the benefits as directed by the SSFA's repeal of those programs, but you can hold out hope.' If you do end up receiving the extra benefits, be careful of how you spend it, according to George McFarlane, president of 7 Waters Advisors. 'First and foremost, it's important these retirees don't let this income boost lead to a change in their lifestyle,' McFarlane warned. 'Increased income could lead to increased spending.' Retirees may also want to visit with a tax advisor in case the income pushes them into a higher tax bracket, McFarlane said. 'This could happen, especially if the retiree is pulling money from pensions, IRAs or other investments. Looking into strategies to reduce taxable income may be necessary,' he said. Retirees should also consider using extra funds to build a larger safety savings account, such as an emergency fund. 'This account should be earmarked for emergency expenses that may arise in retirement. This account should be enough to cover six- to 12-months' worth of living expenses,' McFarlane said. Another smart move with extra income is to purchase long-term care insurance or estate planning vehicles (life insurance or trusts), McFarlane advised. 'These products can help retirees maintain control during retirement, while ensure there is a legacy left behind for your family after you're gone.' Regardless of how you plan to spend additional income, Grant urged some smart budgeting basics. First, look at your total income, from all sources (pension, rental properties, investment royalties, annuities, etc.) and then calculate your spending across 'needs' and 'wants.''Net your earnings to your spending. Do you come up short? Or do you have a surplus of income? If it's a surplus, you should be fine. If a deficit, there are several actions you can take. You have two choices: Spend less or make more.' One way to enhance your income would be to shift your investment allocation, Grant said. He recommended working with a CFP to build a 'more income centric investment portfolio.' This means finding products that are designed for income, such as dividend-bearing stocks, hedged equity funds and options-based those who are expecting but haven't yet received these increased benefits, should stick with their existing budgets and act as though the additional money may never come. That way, you won't overspend or make plans you can't afford. More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? 5 Types of Cars Retirees Should Stay Away From Buying This article originally appeared on 6 Budgeting Tips for Retirees After the Social Security Fairness Act Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store