According to a new survey of over 1,000 individual investors by MagnifyMoney, a LendingTree subsidiary, 38% fear they'll lose all of their retirement savings due to the economic turmoil caused by the pandemic.
- The survey found that 38% of investors are worried they'll lose all of their retirement savings because of the coronavirus outbreak.
- About 59% of investors said they've already lost money from investments during the pandemic (this does not include the 26% of respondents who weren't sure if they had lost money).
- 39% said they're avoiding looking at their investment portfolio amid the coronavirus pandemic. On the other hand, 26% said they are "constantly" checking their investments.
- Roughly 45% of surveyed investors said they had made changes to their portfolio in the last two weeks, as the coronavirus spread throughout the U.S. and across the world.
- More than 1 in 10 investors said they'll never feel comfortable with the stock market again, though 29% said they still feel comfortable. Other investors said they'd need to see some positive signs before they felt comfortable again.
- When asked how the coronavirus will affect their future investing decisions, 55% of investors said it would impact them in some way (this percentage does not include the 13% who weren't sure). Most notably, 29% will decrease their level of risk, 23% will make sure they have plenty of money outside the market and 21% will further diversify their portfolio.
- Still, the vast majority of investors (78%) are confident the stock market will recover from the decline associated with the coronavirus. Only 8% don't think the stock market will recover in their lifetime.
To view the full report, visit https://www.magnifymoney.com/blog/news/retirement-savings-coronavirus/
MagnifyMoney conducted an online survey of 1,010 investors, with the sample base proportioned to represent the overall population. We defined generations as the following ages in 2020:
- Gen Z are ages 18 to 23
- Millennials are ages 24 to 39
- Gen X are ages 40 to 54
- Baby boomers are ages 55 to 74
- Silent generation are age 75 and older
The survey was fielded through Qualtrics from March 18-19, 2020
MagnifyMoney.com, a subsidiary of LendingTree, makes it easy for consumers to shop for the best financial products and get answers to their most important financial questions. MagnifyMoney's unbiased advice and comprehensive product database helps millions of people compare credit cards, loans, checking accounts and savings accounts. MagnifyMoney's newsroom of personal finance experts is dedicated to helping people save money and lead financially healthier lives through strategies and tips for avoiding fees, getting out of debt, paying off student loans, avoiding consumer scams and other financial topics. MagnifyMoney was launched in 2014, was acquired by LendingTree in 2017, and is based in New York, NY. For more information, please visit www.magnifymoney.com