Money stress is showing up in familiar places. CFP professionals say clients are flagging health care and retirement plans most often - both at 88% - along with taxes at 84%. More than half also point to gas and energy costs at 56% and interest rates at 55%. Roth noted that funding shortfalls could translate into shifts to benefits or to the taxes that support them.
Advisors say the squeeze is pushing some to make fast moves: 29% have tapped retirement accounts early, 20% have dialed back or stopped retirement contributions, and 18% have taken on expensive debt. Three in four CFP professionals say most clients have already acted or at least thought about acting as prices climb. By contrast, only 29% of clients have made financial moves ahead of the November election, and among CFP professionals surveyed, the view is that those elections are unlikely to materially influence their clients' financial health.
Even with the pressure, 85% of CFP professionals are keeping clients focused on their long game. The most common playbook right now: run a recession stress test and build an emergency cash cushion - each cited by 54%. Many are also revisiting how much clients put into retirement savings at 34% and pushing faster debt reduction at 33%.
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