Americans continue to worry about the impact the general election could have on their investments and savings.
A 2024 Q3 Quarterly Market Perceptions Study out today by Allianz Life finds that close to three-quarters (74%) of respondents to its survey worry about the effect the 2024 election could have on market volatility.
As a result, over half of respondents (51%) have made changes to their investments to make them less risky or more conservative, with Millennial workers specially making these shifts (58%), compared to Gen Xers (46%) and Baby Boomers (41%). Fifty-nine percent of Americans also noted considering additional protection to their portfolio, with more Millennials (68%) than Gen Xers (60%) and Boomers (74%) adding protective measures.
“Americans are feeling unsettled by some recent market volatility,” says Kelly LaVigne, VP of consumer insights at Allianz Life. “A well-constructed financial strategy that can withstand market ups and downs can help Americans avoid fear from brief swings in the market.”
A greater number of Americans are planning to connect with a financial professional following past market volatility, with 61% having recently reached out or planning to reach out to a financial professional due to market concerns, Allianz Life reports. This is up from 51%, the report finds.
Respondents are also relying on their advisor to navigate them through inflation and market volatility. If they can’t do that, respondents are willing to find someone who live, the findings show. Seventy-three percent say they would stop using their current financial professional if they didn’t help them reduce exposure to market volatility.
“Short-term fluctuations in the market are normal,” LaVigne says. “Your long-term financial strategy should be resilient from temporary turbulence. Working with a financial professional can help you to create a strategy that addresses the risk of market volatility to keep you on track.”
Allianz Life’s 2024 Q3 Quarterly Market Perceptions Study includes a nationally representative sample of 1,005 respondents.
SEE ALSO:
Presidential Election, Interest Rates Top Investor Concerns for Next Decade
Americans Look to 2024 Election Amid Medicare Concerns
Americans Concerned About Election’s Effect on Retirement
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.