MDRT has conducted a new survey on Americans’ top concerns related to the lingering risk of a recession. The survey of a representative sample of 2,000 Americans offers insights to help financial advisors anticipate their clients’ concerns and make recommendations.
Concerns if a recession
According to the survey, Americans have these top concerns, if a recession occurred:
•Inflation 87% would be concerned about increased inflation
•Loss of income 81% would be concerned about loss or a decrease in income with Millennials (29%) more concerned than Gen Z (19%).
•Cutting back on essentials 80% would be concerned about cutting back on essentials, with women (54%) and Millennials (29%) expressing highest levels of concern.
•Healthcare 78% would be concerned about being unable to afford health care.
•Investing 77% would be concerned about being unable to save or invest for the future
Planned cost-cutting
According to the survey, Americans would cut back on several non-essential costs:
•Dining out 55% would eliminate
•Travel and leisure 55% would eliminate
•Financial advisory services 44% would eliminate
•Investments 36% would eliminate
•Retirement contributions 29% would eliminate
MDRT members can read more about how to work with clients to support their financial concerns by visiting MDRT.org.