The react from CFA Executive Director Stephen Brobeck:
“Considering their past mistakes and the complexity of the financial services marketplace, we were surprised at how highly most middle class Americans rate their ability to make a variety of financial decisions and how infrequently they rely on information from the Internet and publications.”Another interesting finding in the study is where middle-class Americans look for financial advice. A full 45 percent said they want information from a financial advisor when looking for information about saving and investing. This beat the Internet, books, magazines and TVs by a large margin.
As regulators in DC and states take a look at the financial industry, they need to keep this in mind. As CFS's own research shows, the middle-class is woefully underserved and policies need to correct that problem, not make it worse.
