Americans increasingly anxious over possible recession, Allianz Life says – InsuranceNewsNet

Advisor News

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Advisor News
Topics
    • Life Insurance
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Content
    • Webinars
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
Sign in or register to be an INNsider.
  • INN Exclusives
  • NewsWires
  • Magazine
  • Free Newsletters
  • Insider
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Advisor News
Advisor News RSS Get our newsletter
Order Prints
July 25, 2022 Advisor News No comments
Share
Share
Tweet
Email

Americans increasingly anxious over possible recession, Allianz Life says

By Press Release

MINNEAPOLIS – July 25, 2022 – With the stock market in bear market territory and inflation at historic levels, Americans are increasingly anxious about the possibility of a recession. Two-thirds of Americans (66%) say they are expecting a major recession right around the corner, according to the 2022 2Q Quarterly Market Perceptions Study from Allianz Life. This is up about 20% from the same time last year when 48% expressed concern and the highest level of worry since 2018.

 

Continuing record inflation is adding to the collective sense of dread. The vast majority (82%) of respondents say they worry about rising inflation continuing to have a negative impact on the purchasing power of their income in the next six months. At the same time, 71% say their income is not keeping up with rising expenses. This is the highest percentage of people who have expressed this concern in at least a year.

 

“Rising costs on necessities like food and gas are hitting Americans’ bank accounts,” said Kelly LaVigne, VP of Consumer Insights, Allianz Life. “Some might have dipped into their savings to cover those initial increases in the short term. But, as this drags on, the worry about how increasing inflation will affect purchasing power and saving in the long term is increasing.”

 

The majority (82%) say they expect inflation to get worse over the next 12 months.

 

The reality of record inflation is challenging generations in different ways:

  • Fewer Millennials say they have an effective financial plan in place to help address the rising cost of living. While 61% said they have a plan for inflation in 1Q, 56% said the same in 2Q.
  • Generation X is concerned about their income keeping pace. Three in four (75%) of Gen X respondents said their income is not keeping up with rising expenses. This is up from 68% in 1Q.
  • The majority of Baby Boomers (73%) worry that they might not be able to afford the lifestyle they want in retirement because of the increased cost of living. In 1Q, 66% said this was a concern.

Protecting assets from market risks

With worries on the rise, Americans are looking to hedge their bets and protect themselves from market risks. Most respondents (60%) say they think it is important to have some retirement savings protected from loss. Nearly seven in 10 (69%) respondents say they wish they could have locked in gains when the market was high.

 

More people say they are keeping cash on the sidelines, with 65% of respondents saying they are keeping more money than they should out of the market because of worries about loss, up from 57% in 2021 and 54% in 2020.

 

The number of Americans who think it is a good time to invest continues to decline. One in four (25%) respondents say it is a good time to invest in the market, down from 1Q (28%) and 2021 4Q (37%). What’s more – just 25% of respondents say they believe it’s worth the risk of potential losses to have unlimited potential gains. This is the first time first time this has dipped below 30% since tracking started in 2018.

 

*Allianz Life conducted an online survey, the 2022 Q2 Quarterly Market Perceptions Study in June 2022 with a nationally representative sample of 1,004 Respondents age 18+.

Older

AHIP report discusses what’s influencing 2023 individual health insurance premiums

Newer

Michigan issues order to company for allegedly selling unlicensed health plans

Annuity News

  • Global Atlantic announces $10B group annuity reinsurance deal with Equitable
  • Colorado adopts new annuity sales regulations
  • National Western Life introduces new fixed indexed annuity, NWL New Frontiers
  • Jackson National announces second quarter 2022 results
  • Brighthouse Financial adds to Shield Level annuity suite with new product
More Annuity News

Health/Employee Benefits News

  • Higher out-of-pocket patient bills are hitting hospitals hard
  • Best’s Commentary: Inflation Reduction Act will benefit U.S. health insurers
  • Virginia Obamacare rates set to fall next year
  • Colorado workers, employers to begin paying 0.45% of wages for voter-approved paid leave program
  • Connecticut insurers defend rate hike requests during public hearing
More Health/Employee Benefits News

Life Insurance

  • Sammons names Tyler Brown new government affairs director
  • Alex Murdaugh petitions to delay Mallory Beach trial amid murder charges
  • Sales of life combination products rebound in 2021, LIMRA reports
  • Integrity Marketing Group acquires Richman Insurance Agency
  • How to get the most out of Life Insurance Awareness Month
More Life Insurance

Property and Casualty News

  • CSU researchers reduce forecast but continue to predict active 2022 Atlantic hurricane Season
  • Liability insurance for exempt vehicles now required by Va. law
  • Flooding in Martinsville: FEMA presents initial flood risk data to city officials
  • Why didn't Marshall fire homeowners have enough insurance? Watchdogs blame industry software.
  • Fraud charge for Apex man accused of filing fake Rolex receipt in insurance claim
More Property and Casualty News

- Presented By -

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

FEATURED OFFERS

Get Linked INN to your industry Connect with INN on LinkedIn to be first on all the news and insights that matter to your industry.

Press ReleasesAll press releases

  • National Western Life introduces newest fixed indexed annuity, NWL® New Frontiers
  • CybeReady Supports Security Defenses with CISO Toolkit
  • Life and Disability Income Insurance Products from MassMutual Now Available on iPipeline®’s End-to-End Digital Platform
  • Business on the Go with The Crump Mobile App
  • iPipeline® Provides Advisors Excel with Unified Path Toward Accessing Core Data Analytics in Financial Services
Add your Press Release >

Topics

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Content
  • Webinars
  • Monthly Focus

Top Sections

  • Life Insurance
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2022 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your INNsider Account

Not registered? Become an INNsider.