After a year in which the United States saw rising job losses, crashing financial markets, deep reductions in consumer confidence and poor pension performance, a new study by the American Institute of Certified Public Accountants shows clients of financial planners have made adjustments in their lives to match the changing economic environment.

CPA financial planners surveyed reported that nearly 35 percent of their clients who are approaching retirement age are postponing leaving the workforce because of recent economic conditions. This is a 3 percent increase from the 32 percent who last year said they were planning to delay their retirement. A majority of those who are postponing retirement - 67 percent - plan to delay it no more than five years. Only 9.6 percent are postponing for six years or more.

"What this suggests is that 70 is the new 65," AICPA Vice President James Metzler said. "People are living longer and getting more satisfaction from working later in life. At the same time, the market downturn has reduced wealth and CPA financial planners are seeing clients delay retirement plans as a result."

Sixty percent of CPA financial planner clients are postponing vacations, 52 percent are postponing car purchases and/or the buying or selling of a home, and 42 percent have cancelled home renovations. Only 11 percent of CPAs have clients who have no plans to change their current spending.

The study surveyed CPAs who hold the Personal Financial Specialist (PFS) credential, which the AICPA offers exclusively to CPAs who are committed to financial planning as a practice discipline and have demonstrated expertise in financial planning.

"CPAs assist their clients' in understanding their risk tolerance, structuring investment strategies to match their objectives," stated Bob Jazwinski, chairman of the AICPA's personal financial specialist credential committee. "During downturns in the economy, we work with our clients to reevaluate both risk tolerance and asset allocation to ensure their finances are properly managed."