Only Half of Cleveland Area Residents Have a Financial Plan

Only Half of Cleveland Area Residents Have a Financial Plan
September 29, 2017 cjones

Findings Point to Strong Need for “Building the Bridge” Investor Education Push in Ohio: Cleveland Area Residents Invited to Next Event Set for Thursday, With Documentary Screening and Experts Available.

CLEVELAND, OH – September 12, 2017 – The bad news: Only half of Cleveland area residents have a financial plan for retirement. The good news: Several local, statewide and national groups are working to do something about that, with the latest “Building the Bridge” investor education event taking place 9:30 a.m.-noon on September 14, 2017 at Idea Center at Playhouse Square, 1375 Euclid Avenue, Cleveland, OH 44115. Completely non-commercial and free, the event is open to the public in Northeast Ohio.

The Cleveland retirement-planning finding comes from the Public Policy Polling (PPP) survey of 738 Ohio adults. Conducted March 20-22, 2017, the PPP survey includes data on 113 greater Cleveland area residents. (See more findings below.)

Launched on April 3, 2017, “Building the Bridge” is an initiative of the Ohio-based Association for Financial Counseling & Planning Education® (AFCPE®), the Ohio Department of Commerce – Division of Securities, the Investor Protection Trust (IPT), the Investor Protection Institute (IPI) and Detroit Public Television (DPTV). The statewide campaign features the airing on Ohio public television stations of the DPTV documentary “When I’m 65,” three community events (Columbus in May, Dayton/Cincinnati in July, and Cleveland in September), and access to pro bono financial counseling and planning.

The Thursday event in Cleveland will feature: Rebecca Wiggins, executive director, Association for Financial Counseling & Planning Education®, moderator; Andrea Seidt, securities commissioner, Ohio Department of Commerce, panelist; Eric Ross, CFP®, Truepoint Wealth Counsel, panelist; Willa Williams, AFC®, Trinity Financial Coaching, panelist; and Roslyn Quarto, executive director, Empowering & Strengthening Ohio’s People (ESOP), panelist.

Other key PPP survey findings for the Cleveland area include the following:

  • Few Cleveland adults would use a windfall to save or invest for retirement.Only 23 percent of Cleveland area residents who got a “million-dollar windfall” would use most of the money to save or invest for retirement. More than one in five (21 percent) would instead pay off debts, while most (42 percent) would “share much of the money” with family members.
  • Bad information and lack of knowledge may keep Cleveland area residents from seeking financial help. More than half (52 percent) thinks it “costs a lot” to use a financial counselor or planner. Over a third (35 percent) do not understand the difference between a “financial planner” and a “financial counselor.”
  • Cleveland area residents rely more on word of mouth than checking out the background of a financial professional.Of those Cleveland area adults using a financial professional to help with their investments, 55 percent made their decision based on a recommendation from a relative, friend, co-worker or neighbor versus 38 percent who did their own research into the professional’s background and services. While a large share (79 percent) said they checked to see if the person was licensed to do business in Ohio, only 13 percent actually contacted the Ohio Department of Commerce – Securities Division, which is where they would be most likely to verify proper licensing.

Read the full Cleveland Area Survey Results.   Read the Ohio Survey Results.

Media Contact:  

Max Karlin, for AFCPE®, (703) 276-3255 or
Don Blandin, for IPT and IPI, (202) 775-2112 or

For over 30 years, Association for Financial Counseling & Planning Education® (AFCPE®) has set the highest standards for the field of financial counseling and education. We have worked with the government, the military and a wide range of agencies to set policy. We collaborate with partners that share our values and our vision for the future. Our constituents are instrumental in everything we do. Today, our nonprofit organization continues to set the standard for financial counseling, coaching and education. AFCPE® has its national headquarters in Westerville, OH, just outside of Columbus.

Ideastream is a non-profit organization that owns and operates the major public broadcasting stations in Cleveland, Ohio.

A production of Detroit Public Television (DPTV), When I’m 65 is a groundbreaking national documentary and engagement program focusing on the realities of retirement in the 21st century and the financial choices that all Americans need to make to plan for a financially secure future.

The “Building the Bridge to Investor Education and Protection for Ohioans” program is funded by a grant from the Investor Protection Trust (IPT).

The Investor Protection Trust (IPT) is a nonprofit organization devoted to investor education. Since 1993 the IPT has worked with the States to provide the independent, objective investor education needed by all Americans to make informed investment decisions.

The Investor Protection Institute (IPI) is an independent nonprofit organization that advances investor protection by conducting and supporting unbiased research and groundbreaking education programs. IPI carries out its mission through investor education, protection and research programs delivered at the national and grassroots level in collaboration with state securities regulators, nonprofits, universities, and other strategic partners.

The Ohio Department of Commerce-Division of Securities protects Ohioans by licensing securities salespersons, dealers, investment advisers and investment adviser representatives, as well as registering securities offered for sale to Ohioans. The Division also investigates alleged violations of the Ohio Securities Act and enforces its provisions through administrative actions, civil injunctive actions and criminal prosecutions.



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