The goal of the study was to gauge the financial and emotional impact of the 2008-2009 crisis on Americans' financial health, and assess their short and long term financial prospects.
In referring to the country's recent economic problems, close to 6 in 10 feel “it’s the American way” to face challenges like these head-on. The same amount say they’ve already taken steps in the past year to improve their financial prospects.
In the aftermath of the recession, many investors are rethinking investing in the stock market—58 percent say they’ve lost faith altogether, with some stating the risks just are not worth it. Moreover, a staggering 44 percent say they are not likely to ever put money into the stock market. Instead, many investors—close to 7 in 10—prefer less risky guaranteed income products, like annuities.
Perhaps it's no surprise that the recession has tarnished Americans' view of Wall Street. Nearly 7 in 10 believe there are few financial services firms that are trustworthy.
Despite all that, 59 percent of respondents reported feeling “enthusiastic” about the prospect of improving their financial situation. Likewise, 42 percent feel “confident” and 45 percent feel “encouraged” that they will be able to rebuild.
Also, the study found that 40 percent of Americans do their own financial planning, 35 percent use some sort of advisor, 13 percent rely somewhat on family and friends and 12 percent only listen to hired professionals.