Schwab Study Finds Seattleites Feel Recession Isn’t Close to Over
Local Investors Expect at Least One to Two More Years Before Recovery is Realized
Public Company Information:
SEATTLE--(BUSINESS WIRE)--According to a new Charles Schwab survey, over half of Seattle investors think the recession will continue for at least another year. Only 5 percent believe the recession has already ended.
While an increase in unemployment is an indicator that the recession is over from an economic perspective, survey respondents note it is one of two personal indicators that the recession is in fact not over. For 32 percent of respondents, the defining moment for the end of the recession will be when people begin finding jobs again. Another 30 percent of Seattleites will feel the recession has ended when home prices in the neighborhood return to pre-recession prices.
“Despite the recent increase in investor confidence, we’re hearing from many of our clients that they don’t feel they can move out of recession mode to recovery mode,” said Monte Garpestad, branch manager at Charles Schwab in Seattle. “We’re helping each client cope with the economy by revisiting budgets and adjusting portfolios to better reflect their risk tolerance.”
Seattleites Devise Own Bailout Plan
Seattleites have proven committed to making moves that lessen the burden caused by the market environment over the past two years:
“While we’re happy to see the Seattle community’s proactive approach to their finances, we’re concerned that the recession has impeded the retirement planning of many,” said Garpestad. “Successful retirement planning requires ongoing vigilance and dedication, particularly in difficult financial times. A financial consultant can often provide the necessary guidance to keep investors on track, and we encourage Seattleites to visit a local Schwab branch for a free financial check-up and ensure their plan still fits their risk tolerance, income and timeline.”
You Don’t have to Go It Alone
Seattle investors have access to a broad range of Schwab resources:
For More Information
Schwab clients are encouraged to reach out to their Financial Consultant to get more specific advice around their situations or take advantage of our complimentary consultation. For those who do not have a Financial Consultant or are not yet a Schwab client but would like to learn more, one of our Investment Consultants can help. Please call 800-916-9999 to get started. For a list of local Schwab branches, please visit: http://www.schwab.com/seattle.
About the Survey
The Charles Schwab “Recession and Financial Advice” Survey was conducted by Koski Research between Dec. 2 and Dec. 11, 2009 using an online study, average about 10 minutes. Survey respondents had a minimum of $2,500 in an investment or retirement account in the Chicago (250), Houston (256) and Seattle (250) areas.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.7 million client brokerage accounts, 1.5 million corporate retirement plan participants, 722,000 banking accounts, and $1.42 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Named "Highest in Investor Satisfaction with Self-Directed Services" by J.D. Power and Associates in 2009, its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com. (0110-0890)