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Few Consumers Use Internet and Computers for Personal Financial Planning Aug. 21, 2000 (SmartPros) The image of technology-savvy consumers monitoring their portfolios minute-by-minute on the Internet or developing countless financial planning scenarios on their home computers is a reality for comparatively few investors, according to a survey conducted by the Certified Financial Planner Board of Standards (CFP Board). The survey of upper-income consumers shows that although 92 percent of those surveyed had computers, only eight percent use the Internet as often as daily for financial purposes and only 13 percent have financial planning software on their computers. In fact, 40 percent did not use the Internet for financial purposes and 25 percent did not use the Internet at all.
"Computer programs and the Internet can provide a wealth of financial information, and in some cases, maybe too much information which can be overwhelming," said Patricia Houlihan, chair of the CFP Board's governing body. "Consumers often must choose from a wide range of complex financial products and services, whether they are provided on the Web or in some other form, and many find they either shy away from it altogether or need professional help to make sense of it all."
In results released earlier by the CFP Board, the same survey found that 67 percent of consumers either feel they have little control over their financial futures or know they need help, and have sought professional financial planning advice.
The survey was conducted late last year among 897 consumers whose income placed them in the top 25 percent of households nationally. Other findings related to computer and Internet usage included:
The CFP Board is a nonprofit professional regulatory organization founded in 1985 to benefit the public by fostering professional standards in personal financial planning. The CFP Board owns the marks CFP, CERTIFIED FINANCIAL PLANNER and CFP with flame logo, and authorizes individuals who meet its rigorous certification requirements to use them. As of May 31, 2000, there were 35,787 individuals licensed to use these marks in the U.S. For more about the CFP Board, visit its Web site at www.CFP-Board.org.
Please send your comments, questions and article proposals to information@smartpros.com.
2000, Smartpros Ltd. All Rights Reserved.
Originally released on June 30, 2000.
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