Americans Putting COVID-19 Financial Panic In The Past, Allianz Finds – InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Top Stories
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
Top Stories RSS Get our newsletter
Order Prints
July 8, 2021 Top Stories No comments
Share
Share
Tweet
Email

Americans Putting COVID-19 Financial Panic In The Past, Allianz Finds

By Staff Reports

With some of the immediate financial impacts of COVID-19 receding in the rearview mirror, Americans are feeling better about market conditions than they have in over a year.

According to new findings from the Q2 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life), less than half (48%) of Americans say they are worried about a major recession, a number that has been steadily declining recently and is down from 65% this time last year. Similarly, only a third (33%) say they are worried about the risks that market volatility can have on their retirement portfolio.

These sentiments come as the stock market hits record highs, and COVID-19 case numbers continue to decline. In fact, many report feeling more optimistic about COVID and their finances, with 63% saying they are less worried about the pandemic’s impact on their finances compared to this time last year.

But many still haven’t forgotten the drastic impacts of the pandemic, with 50% saying they are still worried about another pandemic or a new strain of COVID and its impact on their portfolios.

“As the economy and stock market continue to improve coming out of the pandemic, people are wisely taking lessons learned and applying them to their go-forward financial strategies,” said Kelly LaVigne, VP of Consumer Insights, Allianz Life.

A More Cautious Approach

The outlook isn’t all positive, as nearly three quarters (72%) say they expect the markets to be very volatile in 2021, and over a third (34%) say they are too nervous to invest right now. Those who say they are too nervous cite volatility (56%), fear of a market crash (53%), and lack of knowledge/information (53%) as their top reasons for holding back.

And while concerns over COVID continue to recede, new worries take their place. When asked about issues that may have a negative impact on their portfolios over the next six months, 58% say they are worried about rising interest rates, and 57% say they are worried about tax policy.

Through the ups and downs of the past year, the interest in products that provide a level of protection has remained strong. Currently, 64% say it is important to have some retirement savings in a financial product that provide some protection it from market risk.

“One of the most important takeaways from the last year is that nearly two-thirds (64%) say they have made positive changes to their saving and spending habits since the pandemic began,” added LaVigne. “Whether that’s refining a retirement strategy, sticking to a budget or adding a protection product to a portfolio, these are all good financial strategies to stick to as the COVID-19 pandemic hopefully becomes a thing of the past.”

*Allianz Life conducted an online survey, the 2021 Q2 Allianz Life Quarterly Market Perceptions Study, in May 2021 with a nationally representative sample of 1,005 respondents age 18+.

Allianz Life conducted an online survey, the 2020 Q2 Allianz Life Quarterly Market Perceptions Study, in August 2020 with a nationally representative sample of 1,005 respondents age 18+.

Older

Hall of Fame, Fall of Shame: Marshall Faulk Loves Planning With Insurance

Newer

NY Insurer Fined $500,000 For Alleged Unlawful Use Of Data To Set Rates

Advisor News

  • Lexington native convicted of fraud over $1 billion company faces new charges
  • PERSONAL FINANCE: Understanding wills and trusts in estate planning
  • How to master employee benefits
  • Ohio businessman guilty of investment scheme
  • Layoffs may be on the horizon. Is the unemployment insurance system ready?
More Advisor News

Annuity News

  • Prudential FlexGuard reaches $10B total sales milestone at record pace
  • Retirees can rely on annuities as a source of guaranteed income for life
  • Lottery ticket bought in Illinois wins $1.337 billion
  • Mega Millions becomes Mega Billion for Friday drawing
  • Confused by huge Mega Millions prize? Here are some answers
More Annuity News

Health/Employee Benefits News

  • North Carolina woman convicted in $34 million health care fraud scheme
  • Growing number of workers enroll in high deductible health plans
  • The Schumer-Manchin deal’s ACA provision creates another budgetary ‘cliff’
  • They wanted to stop Obamacare. They may have protected abortion rights in Wyoming instead.
  • Miami doctor sentenced in $38 million health care fraud scheme
More Health/Employee Benefits News

Life Insurance

  • How to get the most out of Life Insurance Awareness Month
  • Life application activity down in July, MIB Index reports
  • Dentist found guilty of murdering his wife for life insurance on African safari
  • Should student loan borrowers also get life insurance?
  • NCOIL resolution: certain enhanced cash surrender value endorsements are violations
More Life Insurance

- Presented By -

How to Write For InsuranceNewsNet

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

FEATURED OFFERS

Grow your life insurance business with John Hancock • It’s time to see how our cutting-edge solutions can help you and your clients get to know us.

Press ReleasesAll press releases

  • 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
  • iPipeline® Adds Speed of Underwriting to Quote Engine with Ethos to Deliver Insurance to Agents in Minutes
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.