Having enough income in retirement is the second-biggest financial concern in 2022 for Americans—trailing only inflation—according to new research from Lincoln Financial Group.
While recession fears are widespread, inflation has been the top concern in rotation for all of 2022, finishing the year with 71% of Americans saying they’re concerned about it, up from 64% in the first quarter. Having enough income in retirement maintained the number two spot, and the level of worry increased from 52% in the first quarter to 59% in the fourth quarter.
The goal of the new study, the Lincoln Financial Consumer Sentiment Tracker, 2022, is to gauge consumer sentiment on a variety of financial topics.
Beyond the concerns they have, Americans across all age groups are seeing the importance of protection—82% say they would like to invest their money in a solution that protects them during times of market volatility, even if it means fewer gains when the market is performing well. And, 82% agree that due to rising costs elsewhere in their budgets, it is more important for them to have protection against expenses or lost income in case of an unexpected event.
“It’s been another challenging year, as Americans are grappling with many things beyond their control—inflation, the performance of the market and the economic climate overall,” said Elena French, Senior Vice President, Corporate Marketing, Lincoln Financial. “We conduct this research to ensure we understand exactly what challenges consumers are facing, and it shows that the protection and solutions Lincoln Financial can provide are more important than ever.”
The third-biggest concern was “Supporting myself or my family if I lose my job,” with 55% expressing concern in Q4 (up a survey-most 10% from Q1), followed by “Supporting myself or my family if I become disabled” at 53%. The fifth-biggest concern was “Protecting myself against identity theft, cybersecurity, fraud, etc.,” also at 53%.
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