One of the basic needs of a human being is shelter. And yet, a new AICPA poll reveals that nearly half (41%) of the adult Americans feel they cannot buy a home, while more than half (51%) feel this is so because of lack of funds. The poll was conducted by Harris Poll for the AICPA in March and the results were released earlier this month.

Could it be that people have the funds, but have not been properly advised on how to save?

“A home is one of the most significant investments you can make,” said Carl George, CPA, Chair of the AICPA’s National CPA Financial Literacy Commission. “It’s troubling that so many Americans believe their financial position prevents them from owning such an important asset.”

The Harris/AICPA survey also found that American adults don’t score well when it comes to spending and their savings. Nearly one-third (29%) are unable to save any of their money, while 16 percent are looking for a second job or part-time employment to make ends meet.

“Americans should not put their dreams on hold,” said George. “Financial discipline must become a habit again.”

And what do your peers think?

AICPA Wealth Management Insider readers were recently invited to take a brief, confidential online survey. Here’s how your peers are advising their clients.

Nearly two-thirds of you (65%) are advising your clients to “proceed with caution” when buying new primary homes, while 10 percent of you are asking your clients to “wait until the market improves.”

When it comes to new vacation homes or real estate investments, just 13 percent of you thought it was the right time and advised your clients to “buy now. Don’t delay.” The proceed-with-cautions and the wait-until-market-conditions-improve were almost at par with their advice coming in at 48 percent and 39 percent respectively.

Perhaps it’s high time to go back to basics and teach clients how to save. Sometimes a little hand-holding can go a long way — for both the client who will learn to save and reap the benefit and for you because your client will be so happy you taught them this great lesson in life that they’d be crooning your name to all their friends thereby helping you build your clientele.

Are you ready?

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Sukanya Mitra is Managing Editor of the AICPA's Insider™ electronic newsletter group.