Attitudes & Sentiment
COVID-19 as a Catalyst for Change in Saving, Investing and Advice Solutions
Order Report - Attitudes & Sentiment: COVID-19 as a Catalyst for Change in Saving, Investing and Advice Solutions
Overview
The Hearts & Wallets Attitudes & Sentiment report annually tracks key consumer sentiments, goals, concerns and attitudes that are relevant to financial services firms and their strategic decisions.
This year, we examine the impact of COVID-19 – how the initial shock and ongoing reactions have changed the consumer mindset and what it means for savings, investing and advice solutions.
The new 60 page report features 43 exhibits. See table of contents and sample pages below.
Key Findings
- Consumer optimism about their financial futures bounced back to a remarkable high except for consumers with job disruptions, households with high income but low assets, and Millennials
- Goals also rebounded but show a focus on the short term
- The biggest spike in national concerns centers around the U.S. economy, up +11ppts in one year, and among knowledgeable consumers, currency stability
- Receptivity to advice is warming, along with wanting connections between banking and investing, packaged products, and Information about the asset managers behind products
- One in 3 consumers says “the COVID-19 crisis has changed my attitudes towards saving and investing,” with implications for investment solutions, banking and advice
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Sample Pages
Table of Contents
Methodology
Key Findings and Implications
Favorite Statistics
Related Research
Key Finding #1: Consumer optimism about their financial futures bounced back to a remarkable high except for consumers with job disruptions, households with high income but low assets, and Millennials.
1.1 Feelings about Financial Future, All Anxiety Levels: National, By Year
7
1.2 Feelings about Financial Future, All Anxiety Levels: By Investable Assets, 2020 vs. 2019
8
1.3 Feelings about Financial Future, No Anxiety (Top Box): By Investable Assets, By Year
9
1.4 Feelings about Financial Future, All Anxiety Levels: By Income Levels, By Year
10
1.5 Feelings about Financial Future, High/Moderate Anxiety Level for Consumers with $160K+ Income: By Investable Assets, By Year
11
1.6 Feelings about Financial Future, All Anxiety Levels: By Generation, 2020 vs. 2019
12
1.7 Feelings about Financial Future, No Anxiety: By Generation, By Year
13
1.8 Feelings about Financial Future, All Anxiety Levels: By COVID Impact to Employment, 2020
14
1.9 Feelings about Financial Future, All Anxiety Levels: By Impact of COVID on Fear of Losing Job Soon, 2020
15
1.10 Feelings about Financial Future, All Anxiety Levels: By Impact of COVID Remote Learning on Employment, 2020
16
1.11 Perception of Experience with Investing, All Experience Levels: National, By Year
17
1.12 Perception of Experience with Investing, All Experience Levels: By Investable Assets, 2020 vs. 2019
18
1.13 Perception of Experience with Investing, All Experience Levels: By Lifestage, 2020 vs. 2019
19
1.14 Risk Tolerance, All Comfort Levels: National, By Year
20
1.15 Risk Tolerance, All Comfort Levels: By Investable Assets, 2020 vs. 2019
21
1.16 Risk Tolerance, "Comfortable" with Risk (Top 2-Box): By Generation, By Year
22
1.17 Risk Tolerance, All Comfort Levels: By Impact of COVID on Fear of Losing Job Soon, 2020
23
Key Finding #2: Goals also rebounded but show a focus on short term.
2.1 Saving & Investing Goals, Have 2 or More Goals: National, By Year
24
2.2 Saving & Investing Goals, All Goals: National, By Year
25
2.3 Saving & Investing Goals, All Goals: National, By Year
26
2.4 Top 5 Saving & Investing Goals: By Generation, 2020
27
Key Finding #3: The biggest spike in national concerns centers around the U.S. economy, up +11ppts in one year, and among knowledgeable consumers, currency stability.
3.1 Concern about Issues, High Concern (Top 2 on 10-Point Scale): National, 2020
28
3.2 Top 10 Concerns, Levels of Concern on a 5-pt Scale: National, by Year
29
3.3 Top 10 Concerns, Levels of Concern on a 5-pt Scale: National, by Year
30
3.4 Inflation vs. Deflation, Levels of Concern on a 5-pt Scale: National, by Year
31
3.5 Crosstab of Concern About "Deflation" by Concern About "Inflation": National, 2020
32
Key Finding #4: Receptivity to advice is warming, along with wanting connections between banking and investing, packaged products, and Information about the asset managers behind those products.
4.1 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year
33
4.2 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year
34
4.3 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year
35
4.4 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year
36
4.5 Crosstab Analysis for Attitude About "Understand Financial Advisor Role" by attitude "Value in Paying for Professional Financial Advice": National, 2020
37
4.6. All Attitudes, by Levels of Agreement on 10-Point Scale: National, 2020
38
4.7 All Attitudes, by Levels of Agreement on 10-Point Scale: National, 2020
39
Key Finding #5: One in 3 consumers says "the COVID-19 crisis has changed my attitudes towards saving and investing," with implications for investment solutions, banking and advice.
5.1 Attitude: "The COVID-19 crisis has changed my attitudes towards saving and investing": By National, By Lifestage, By Investable Assets, 2020
40
5.2 Crosstab of COVID-19 Impact on Employment by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
41
5.3 Crosstab of Impact of COVID-19 on Fear of Losing Job Soon by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
42
5.4 Crosstab of Feelings about Financial Security by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
43
5.5 Crosstab of Feelings about COVID Impact to Income by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
44
5.6 Crosstab of Attitude "I See Value in Paying for Professional Financial Advice" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
45
5.7 Crosstab of Attitude "I am interested in advice on the best way to tap into my retirement and general savings to fund my expenses during this crisis" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": by National, 2020
46
5.8 Crosstab of Attitude "I'd prefer one product that combines different investments to accomplish a goal, over me or an advisor assembling a portfolio of many component investments" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
47
5.9 Crosstab of Attitude "It is OK to have debt even when I have the money to pay it off" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
48
5.10 Crosstab of Attitude "Being able to bank and invest at the same firm appeals to me" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020
49
Data Dictionary
50-62
Appendix
63
Glossary
64
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