money-scales
Two-thirds of Americans are worried that the current unpredictable economic environment could derail their financial goals, according to Equitable’s quarterly survey of 1,000 consumers.
Less than half of Americans – 42% – indicated they feel prepared to navigate shifting financial challenges, including tariff-related cost increases, market volatility and concerns about a potential recession. However, those who work with a financial advisor feel better equipped to manage evolving economic concerns, the survey found. Six in 10 respondents who have professional guidance said they feel prepared, compared with 30% of those without an adviser who said they feel prepared.
To deal with economic uncertainty, about half of respondents said they plan to cut discretionary spending, boost savings and adjust their investment portfolios. More of those who work with a financial advisor (54%) plan to make investment or product mix changes than those who do not work with an advisor (36%).
In addition, those who work with a financial advisor are more likely to turn to that advisor first for advice, followed by financial news outlets and friends and family. Meanwhile, those without an advisor tend to rely primarily on friends and family, financial news outlets and even social media platforms for financial guidance, the survey found.
Amid what Equitable President Nick Lane likened to ‘navigating a financial fog,’ Americans increasingly are interested in solutions that offer some level of protection. Nearly two-thirds of respondents investing in the stock market were willing to trade the potential for higher returns for protection against market losses, according to the study.
"With so much uncertainty and recent market whiplash, it’s understandable that clients have questions and concerns. They want clarity — wondering if it’s time to adjust their investment portfolio, consider new strategies or rethink their financial plan,” said Equitable Advisors financial advisor Jody D'Agostini, CFP. “We encourage clients to stick with a plan that reflects their personal goals and risk tolerance — not the headlines of the day.”
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