While 58% of U.S. adults say they are in financial recovery mode as a result of the pandemic, 89% of them are confident they will ultimately achieve a full financial comeback.
That’s the key finding of a survey conducted by Northwestern Mutual, which found that average personal savings rose more than 10%, from $65,900 last year to $73,100 currently, and average retirement savings increased 13%, from $87,500 to $98,800.
The survey also found that while 33% of people say they have been able to save more over the last year, 31% say they are saving less or stopped saving altogether and 9% say they have had to dig into savings and are going backwards.
Among those who say they are in financial recovery mode, the survey found that only 14% are actively planning more than five years out, while 24% are planning month-to-month.
“Maintaining momentum over time will require a long-term view, and the study shows that planning horizons today are quite short,” Northwestern Mutual said in a release.
The survey of 2,320 Americans 18 or older was conducted between March 16 and March 26.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
