Here's what financial advisors are telling their clients as recession fears grow.

The US economy continues to contract, and many people are unprepared for a downturn.

The U.S. economy shrank for the second quarter in a row, meeting one definition of a recession, according to the Bureau of Economic Analysis.

However, financial advisors say there’s much that is in control. Fewer than half of Americans believe they are "financially secure enough" to weather another downturn.

Top fears among those polled include being unable to plan for the future, having difficulty paying bills, or losing a job.

While some indicators point to a recession, other factors, such as the jobs market, say otherwise.

But Americans won't know until the National Bureau of Economic Research, the official recorder of economic cycles, makes a decision.

FRB Chairman Jerome Powell said that he believes the Fed's rate hikes will keep inflation under control and that he does not expect a recession.