Americans Less Fearful About a Recession and Investing
June 25 2024 - 10:43AM
Business Wire
Yet Allianz Life study finds many want more
interaction with their financial professional
KEY FINDINGS:
- 55% of Americans worry a major recession is right around the
corner, down from 64% at this time last year
- Just 37% say they are too nervous to invest in the market
right now
- 54% say they would prefer to meet with their financial
professional more frequently than they currently do
With the market making steady gains across the first half of the
year, Americans are feeling more comfortable with the economy and
less nervous about investing, according to the 2024 Q2 Quarterly
Market Perceptions Study* from Allianz Life Insurance Company of
North America (Allianz Life).
Compared to this time last year, fewer Americans are worried
about an imminent recession. The percentage who worry that a major
recession Is right around the corner is down from 64% in Q2 2023 to
55% in Q2 2024. More Gen Xers (62%) than boomers (51%) or
millennials (55%) worry about a recession right around the
corner.
At the same time, fewer Americans feel pessimistic about the
market. The number who say they are too nervous to invest in the
market right now has fallen from 46% in Q2 2023 to 37% in Q2 2024.
Black/African American (43%) and Asian/Asian American respondents
(44%) are more likely to be too nervous to invest than white (36%)
and Hispanic (38%) respondents.
Also, fewer Americans are leaving cash on the sidelines. The
number who would rather have their money sit in cash than endure
market swings has dropped from 62% in Q2 2023 to 56% in Q2 2024.
Millennials (61%) and Gen Xers (57%) are more likely than boomers
(48%) to prefer having their money in cash.
“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.”
Americans seeking more interaction with financial
professionals
As Americans feel more comfortable with the markets, they are
looking to meet with their financial professional. More than half
(54%) of Americans who have a financial professional say they would
prefer to meet with them more frequently than they currently do. In
particular, millennials would like to meet to discuss their
finances. Nearly three in four (71%) of millennials say they would
prefer to meet with their financial professional more often,
compared to 65% of Gen Xers and 37% of boomers.
The vast majority (85%) say they have been in contact with their
financial professional in the last year.
*Allianz Life conducted an online survey, the 2024 Q2 Quarterly
Market Perceptions Study in May 2024 with a nationally
representative sample of 1,005 Respondents age 18+. The study
included an oversample of respondents who identified as
Black/African American (277 responses); Hispanic (265 responses);
Asian/Asian American (265 responses).
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the
Ethisphere World’s Most Ethical Companies®, has been trusted since
1896 to help millions of Americans prepare for financial
uncertainties and retirement with a variety of innovative risk
management solutions. In 2023, Allianz Life provided additional
value to its policyholders via distributions of more than $13.73
billion. Allianz Life is a leading provider of fixed index
annuities, registered index-linked annuities, and fixed index
universal life insurance. Additionally, Allianz Investment
Management LLC (AllianzIM), a registered investment advisor and
wholly owned subsidiary of Allianz Life, offers a suite of
exchange-traded funds (ETFs). Allianz Life and AllianzIM are part
of Allianz SE, a global leader in the financial services industry
with approximately 157,000 employees in more than 70 countries.
Allianz Life is a proud sponsor of Allianz Field® in St. Paul,
Minnesota, home of Major League Soccer’s Minnesota United.
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version on businesswire.com: https://www.businesswire.com/news/home/20240625652084/en/
Sarah Hauer (763) 765-7341 sarah.hauer@allianzlife.com
@AllianzLife