With the economy appearing to be less worrying, more Americans say they are more comfortable investing than they were a year ago but want to ensure they have the right advice on finances.
The 2024 Q2 Quarterly Market Perceptions Study from Allianz Life polled more than 1,000 people and asked how they felt about several key economic and personal finance matters, with improvements compared to a year ago.
Recession, which was a concern of 64% of respondents a year ago fell to 55% in this quarter, while the percentage who were pessimistic about the market fell from 46% in Q2 2023 to 37% in this quarter. However, nervousness about investing remains strongest among Black/African American (43%) and Asian/Asian American respondents (44%) compared to white (36%) and Hispanic (38%) respondents.
The survey also found a greater desire to put cash to work with 56% of respondents willing to leave cash on the sidelines now compared to 62% a year ago. Having cash holdings rather than put it to work in the markets, and face the risks, is most prevalent among millennials (61%) and GenXers (57%) compared to Boomers (48%).
“While it’s encouraging that many people are feeling more comfortable with the market, it’s important to remember that setting yourself up for future financial stability is done over the long run,” said Kelly LaVigne, VP of Consumer Insights, Allianz Life. “Don’t get distracted by the whims of the market. You want to have a financial strategy that accounts for risks like market volatility but does not get sidetracked by short-term unpredictability.”
Another key finding of the report is that more than half of respondents who work with a financial professional want more frequent meetings with them.
While 85% said they have been in contact with their advisor in the last year, 71% of millennials, 65% of Gen Xers and 37% of boomers say they would prefer to meet with their financial professional more often.
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