Ongoing uncertainty over President Donald Trump’s tariffs continues to impact consumer behavior on finances and retirement.
Data from the 2025 Q2 Quarterly Market Perceptions Study from Allianz Life finds that 48% of Americans report feeling “too nervous” to invest in today’s economy, and many feel uneasy about their retirement savings compared to before the pandemic.
According to the findings, 47% say market volatility has led them to feel concerned over their retirement nest egg, and 73% say they’re anxious in how the volatility could impact their long-term financial plan. Consequently, 72% question whether they’ll be able to afford the lifestyle they want in retirement if volatility continues or worsens.
Trump’s “Liberation Day” tariffs plunged markets down by nearly 6% when they were first announced in April, causing consumers, and especially near- and current retirees, to fret on the potential consequences to their long-term portfolio.
“It can be hard to watch values in accounts that are invested for long-term goals like retirement fluctuate wildly during times of market volatility,” says Kelly LaVigne, VP of consumer insights, Allianz Life. “For people who are still many years away from retirement, staying the course is the best option. But recent market volatility highlights the need to incorporate risk management into a retirement strategy since it could result in depleting assets faster than anticipated through a negative sequence of returns.”
Recession fears
Americans across generations voiced trepidations over an impending recession, at 67% of Gen Zers, 63% of Millennials, 64% of Gen Xers and 61% of Baby Boomers.
As a result, consumers are altering their portfolio and seeking financial guidance from professionals. Over half (55%) have revised risk assessments on their investments, up from 49% in Q1 2025. Another 66% who work with financial professionals say they’ve recently spoken to their advisor or plan to in the near future, an increase from 59% last quarter.
“Current market volatility has underscored the need to address this risk within a retirement strategy,” LaVigne says. “This is particularly important during the fragile decade – the years right before and immediately after retiring – when market volatility can have the greatest effect on a retirement strategy.”
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