The anxieties that arrived with the COVID-19 pandemic aren’t going away anytime soon, according to a survey of 1,000 U.S. adults by Fidelity Investments.
Looking to 2021, nearly 70% of those surveyed do not see stress relief occurring, and more than two-thirds reported experiencing some sort of major life event — most commonly, a job loss (24%), the loss of a loved one (18%), caregiving responsibilities (14%) or making a major purchase (13%).
The study also found a number of key financial stressors have actually increased since April 2020, even though the market was far more volatile at that time. The areas now of greatest concern are having enough to pay for a child’s college education, finding money to save, being able to cover the costs of aging parents, maintaining a nest egg and paying for health care.
Still, those surveyed cited some positives, with 80% saying they have realized that they can handle more than they expected, while two-thirds said they have forged stronger connections with their family and friends.
Perhaps as a result of the heightened anxiety, Fidelity said that it experienced a dramatic increase in planning interactions during the second quarter of 2020, up 24% from the same period in 2019.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
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