Americans are bracing for another financial crisis as signs of a recession – including bank failures, persistent inflation, ongoing volatility and the possibility of a government debt ceiling crisis – heighten anxiety. The eighth annual Advisor Authority study by the Nationwide Retirement Institute found that 30% of investors are certain another financial crisis is on the horizon and four in 10 investors feel that the U.S. is already in one.
In addition, the survey found that of those who have lived through a prior financial crisis, only 36% have confidence in surviving another one. About one-fifth of investors expect to face two more financial crises in their lifetime and 43% expect to face three more.
With more experience weathering downturns, as well as more on the line in terms of investments that are vulnerable to market swings and less time to make up for savings lost in a downturn, older generations tended toward a pessimistic view of current and future financial challenges, while 38% of Gen X and 29% of baby boomer investors expect a prolonged period of severe downturn marked by stagflation and instability. They also don't expect this to be the last crisis they live through. Two-thirds of Gen X and almost half of baby boomers expect to live through at least two more financial crises in their lifetimes.
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