Americans are more nervous about looming recessions and are more closely following the news about the stock market during times of uncertainty than they were in 2019 and 2018, a Million Dollar Round Table survey revealed.
More Americans say they are at least moderately nervous that they personally will be impacted by a recession in the next year or so now compared to a previous survey conducted in October 2019 (72% 2020 vs. 55% 2019).
Twenty-three percent of Americans very closely followed the news about the stock market the last few weeks which is an increase compared to 11% during a period of volatility in 2018.
Sixty-five percent of Americans who are aware of market volatility say they are at least moderately nervous which is an increase compared to 32% during a period of volatility in 2018.
In fact, more Americans are turning to financial advisors during times of market volatility and with a looming recession than previously.
More Americans say they would seek the help of a financial advisor due to market volatility (17% 2020 vs. 13% 2019) and looming recession (21% 2020 vs. 13% 2019) now compared to a previous survey conducted in October 2019. Potential financial loss due to COVID-19 may also prompt Americans to seek out advisors (28%).
Thirty-nine percent of Americans that currently work with a financial advisor say their dependence on their advisor would increase in a time of a recession, up from 32% in October 2019.
Americans with advisors are reaching out to advisors or being contacted by their advisors to talk about coronavirus. Americans are looking for their advisors to navigate the impact of coronavirus in many ways but especially when it comes to long-term and short-term financial goals.
Almost two-thirds (63%) of Americans who currently work with an advisor say they talked to their advisor about the impact of coronavirus.
In fact, two-thirds (66%) of Americans who currently work with an advisor say their advisor proactively reached out to talk to them about the coronavirus.
Among Americans who currently work with an advisor, over half say their advisor can help them navigate the impact of coronavirus by discussing and adjusting their long term (55%) and short-term financial goals (52%). Additional areas of focus include: advising on portfolio adjustments (44%) and communicating financial news and best practices frequently (33%).
Survey Methodology This survey was conducted by G&S Business Communications on behalf of MDRT with a representative U.S. sample of 1055 adults, ages 18+. The survey was conducted April 1-2, 2020.