Majority of Americans concerned recent market highs are unsustainable

Ahead of the midterm election, a recent study by Allianz Life Insurance Company of North America found that almost three-quarters (74%) of Americans worry that recent market highs are unsustainable and that the economy may be due for a correction.

“This is the first time we’ve asked this type of question about the market being unsustainable and we were surprised by the high percentage of people who believe it is,” said Kelly LaVigne, vice president of consumer insights for Allianz Life.

The Q3 2026 Quarterly Market Perceptions Study, conducted online in August 2026 by the Allianz Center for the Future of Retirement, used a nationally representative sample of 1,000+ respondents age 18+ in the contiguous U.S.

“This survey has been conducted for close to seven years and consumers consistently worry about inflation, market downturns, the possibility of losing money or not having enough money for their retirement,” LaVigne said.

Concerns about the markets are even higher among younger generations. Millennials (77%) are more likely than boomers (73%), Gen X (72%) or Gen Z (71%) to hold this concern.

Consumers hesitant to make financial decisions

The uncertain markets are causing people to hesitate when it comes to decisions about finances. The survey found that more than six in 10 Americans (63%) are waiting to make financial decisions because economic conditions are too unpredictable.

“If you’re looking for protection, the time to make a move is now – particularly for those within 10 years of retirement,” LaVigne said. “No one knows what the future will bring.”

Despite these concerns, willingness to invest has rebounded. After dipping in the second quarter, the percentage of Americans who are comfortable with current market conditions and ready to invest now has returned to 27%, which is consistent with earlier this year.

While some are waiting on the sidelines when it comes to financial decisions, many understand the importance of getting professional guidance. The majority of Americans (62%) said current market conditions have made professional help more valuable in the past six months.

“People are getting the message that this is complicated and they need the help of financial professionals to navigate the uncertain future,” LaVigne said.

Although they’re concerned about long-term planning, some are splurging to make themselves feel better now. More than four in 10 consumers (43%) said they were likely to splurge on purchases to help them feel better in the moment. This is particularly true among younger consumers, with Gen Z (61%) being more likely than millennials (56%), Gen X (33%) or boomers (24%) to say they splurge to feel better.

How financial professionals can help

“When people are asked about if they’re more concerned about getting a larger gain versus keeping what they’ve accumulated, most are concerned about holding on to their assets,” Lavigne said. “This is where financial professionals can step in to help.”

LaVigne said this is a great opportunity for financial professionals to work with their clients on how to protect the money they have and position themselves for future growth. He noted that fixed indexed annuities (FIAs) and registered index-linked annuities (RILAs) can be appropriate products.

According to the latest LIMRA’s U.S. Individual Annuity Sales Survey, RILA sales set a new quarterly record in Q2 2026, reaching $23.3 billion — up 10% from the first quarter and 22% higher than a year earlier. The data also showed that FIA sales were $30.6 billion in the second quarter, up 14% from the first quarter of 2026.

LaVigne said now is a good time for financial professionals to talk with their clients about budgeting and protecting money for fixed costs such as food, mortgage or rent, and utilities.

“Clients are scared and have concerns about the future of the market going forward,” LaVigne said. “It’s a great opportunity for financial professionals to help their clients make sure their assets grow and are protected going forward.”

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