Financial advisors are hearing the concerns of their clients as a result of high inflation and rising interest rates.
The year-over-year inflation rate fell to 8.3% in August from 8.5% in July, but it is still above the Federal Reserve's target rate. In September, the central bank raised its key interest rate for the third time in a row to fight inflation.
We talked to experts from CNBC's Financial Advisory Council to find out what they were talking about with their clients.
What is the biggest worry for clients right now? Douglas Boneparth, president of Bone Fide Wealth in New York, said that his clients are mostly between the ages of 28 and 42.
Boneparth said it was speculation at this point. It is difficult to point to data that says we need to be worried.
The unemployment rate was 3.7% in August, up from 3.5% in July.
Clients have memories of the Great Recession. The unemployment rate in the US was 5% in December of 2007. After the official end of the recession, it peaked at 10% in October 2009, but it took until 2015 for it to return to 5%.
The labor market concerns come mostly from clients who work for tech companies.
If you worked for a venture-capital-backed company and the last round of capital you raised was six months ago, you want to think about that risk.
He said that if a person is considering leaving a secure job for one that is riskier, they should do so.
High home prices and an average 30-year mortgage rate are causing some concerns.
There are signs that the housing market is cooling, but high prices and rising mortgage rates are still causing angst for those looking to buy
A client of Louis Barajas moved to Miami from Southern California and discovered that the housing market there wasn't much better than what he had seen in his previous place of residence. The average home in Los Angeles sold for nearly $1 million in August. That compares to the national average.
Home prices in the Miami area were up 30.7% in August from a year earlier, compared with 15.8% for the nation as a whole. A house in Miami sold for $560,200 last month.
Barajas said his client couldn't believe how expensive homes are in Miami.
The client is hoping that prices will come down.
Some clients remember when property values fell during the recession.
People who rely on savings to fund their post-working years worry about the stock market's fluctuations.
The S&P 500 is down more than 14 percent in the last year. The tech-laden Nasdaq has lost more than 23% in that time.
The uncertainty in the world is the biggest concern for Carolyn's clients. Fear of market volatility is one of the reasons why people wonder what's next.
She said that market volatility won't affect older clients' life goals. Three or four retirees recently asked if their spending level was ok.
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