SANDY, Utah, Oct. 16, 2017 /PRNewswire/ -- While many
Americans identify with the term "Sunday Scaries," referring to the
anxiety they feel before the start of the workweek, new survey data
suggests the "Someday Scaries" could be an even bigger
boogeyman.
Three in five Americans (60%) say they know someday they
will need to be more financially secure, they just don't know how
to get there. This number increases to 70% for those between the
ages of 18-39, according to a new independent market survey of more
than 2,000 U.S. adults.
Compounding the problem, 61 percent of adults say they find
investing in the stock market to be "scary or intimidating," again
with data showing Millennials feeling significantly more
intimidated than GenXers and Boomers. Over half of Americans (52%)
agree that someday they will invest or invest more in the stock
market, "but not right now."
"The paradox this survey data underscores is that people are
scared about not being prepared for the future, so they put off
thinking about it, but history has proven again and again that the
key to achieving financial security is to start saving and
investing early," said Rich Hagen,
president of Ally Invest. "What people need most is to face the
'Someday Scaries' head on and get started, taking one small step at
a time."
Ally Invest's Hagen offers four tips to address survey
respondents' top fears when it comes to investing:
Scary #1. The thought of making a
bad investment and losing money (50% of respondents)
Hagen: The way to mitigate risk is
through diversification. Investors should look at investing
offerings that provide a diversified portfolio with a balance based
on their overall investing goals. In general, a portfolio that
contains a variety of ETFs, bonds, and cash is a great place to
start.
Scary #2. The amount of money
required to invest (35% of respondents)
Hagen: What most people don't
realize is that it's become very affordable to invest in the
market. With online brokerage and wealth management offerings, you
can buy and sell stocks for yourself for under $5/trade with no account minimums or hidden fees.
And if you're someone who needs a little more guidance, there are
automated portfolios of diversified ETFs that you can choose and
follow online for a fraction of the cost of traditional financial
advisors.
Scary #3. Not knowing whom to
trust to help you invest (31% of respondents)
Hagen: It's safe to say that no
one cares more about your money and future than you do. So take
control – it's never been easier thanks to technology. Start by
doing your homework -- there are a number of highly-credible and
impartial online sites that can help you find the right investment
partner by comparing fees, ease of use, tools, and customer
service.
Scary #4. Not knowing how to get
started investing (24% of respondents)
Hagen: Take it step by step. Start
with a savings account that will give you a competitive rate of
return and pay yourself first by putting whatever you can, even if
it's just a small amount, from each paycheck into that savings
account. Even saving $10 a week
starts to add up over time. Then when you've saved several months'
worth, you can transition some of that into a low-cost, higher
performing investment account to help you build wealth over time.
Investment account fees and minimums have decreased significantly
in recent years, making it easier and more affordable than ever to
get invested.
Survey Methodology: This online survey was conducted by Regina
Corso Consulting on behalf of Ally Financial between September 7 and 11, 2017 among 2,024 U.S.
adults, aged 18 and older. Figures for age, gender, education,
income, employment and region were weighted to bring them into line
with their actual proportions in the population. Because the sample
is based on those who agreed to participate, no estimates of
sampling error can be calculated.
Results of the survey are for informational purposes only and
not intended as investment advice. Investing involves risk. Thus,
before investing you should consider what is suitable given your
particular circumstances or seek professional advice.
For a copy of the full survey results, contact:
sparente@tieronepr.com.
About Ally Financial Inc.
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial
services company and a top 25 U.S. financial holding company
offering financial products for consumers, businesses, automotive
dealers and corporate clients. Ally's legacy dates back to 1919,
and the company was redesigned in 2009 with a distinctive brand,
innovative approach and relentless focus on its customers. Ally has
an award-winning online bank (Ally Bank Member FDIC, Equal Housing
Lender) offering deposits, credit card and home loan products, one
of the largest full service auto finance operations in the country,
a complementary auto-focused insurance business, a growing wealth
management and online brokerage platform, and a trusted corporate
finance business offering capital for equity sponsors and
middle-market companies.
The company had approximately $164.3
billion in assets as of June 30,
2017. For more information, visit the Ally press room
at http://media.ally.com or follow Ally on Twitter:
@AllyFinancial.
Securities products and services are offered through Ally Invest
Securities LLC, member FINRA and SIPC. Investment advisory services
are offered through Ally Invest Advisors Inc., an SEC registered
investment adviser. Ally Invest Advisors Inc. and Ally Invest
Securities LLC are wholly owned subsidiaries of Ally Invest Group
Inc. Investments are NOT FDIC INSURED, NOT BANK GUARANTEED
and MAY LOSE VALUE.
Contact:
Andrea Puchalsky
313-656-3798
Andrea.Puchalsky@ally.com
Sue Parente at Tier One
Partners
781-642-7788
sparente@tieronepr.com
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SOURCE Ally Financial