Survey reveals consumer attitudes toward saving and investing – InsuranceNewsNet | So Good News


A recent survey found that nearly half of respondents are very concerned about inflation, and a third of respondents have more than 90% of their disposable income.

Finally, advisors should help their clients make a clear definition of emergency funds, such as funds available for unexpected drainage, versus emergency funds, due to layoffs, or roof costs. “Make the right purchase decisions and know when to use insurance,” he said.

Reducing retirement stress

In addition, the survey reported that concerns about the US economy, as well as “making the economy last for retirement/retirement income” are all areas that rose four percent in one year. To ease clients’ concerns about retirement savings, Varas said advisers should promote ways to create a “good plan” for their clients, such as using financial plans or offering a product to “take less money and invest”. ,” for example, giving money to their grandchildren.

“Plans, especially written plans, are associated with large emergency costs and increased capital expenditures,” Varas said. “Having a plan, especially a written plan, increases financial efficiency and improves asset allocation.” Older families with more than $2-million-plus in assets will need a plan that includes tax optimization and estate planning, he said.

Varas said advisors need to develop strong retirement advice and models to help families with all financial needs who have questions about how to contribute to their retirement.

To act is to be silent

In this survey, the opinion of consumers who have the most uncertainty this year is that the strategies that work or do not work are “the best in the market.” “Our research in the field of economics shows a lot of this confusion,” said Varas. Half of all consumers surveyed don’t know what “independent investing” means. Among consumers who choose the definition, most of them choose to “buy and hold” rather than “invest in an index.”

“What’s important here is education – for dialogue and all other forms of communication,” Varas said. “Give suggestions as to whether operating procedures may be ‘better’ during certain market conditions.”

Appreciate professional advice

The survey also revealed consumers’ high appreciation for expert advice. “This reception gives consultants and their companies an opportunity to share their advice and practices,” Varas said. They should continuously strive to improve the quality of service in line with the customer’s expectations.

“Professional value propositions will affect more customers than they will save time, because only 15% of families outsource and send agents because of ‘more demands on my time,'” said Varas.

The most successful companies

Additionally, the survey revealed that Ameriprise and Edward Jones earned the Hearts & Wallets title as Top Performers for the customer relationship with “my financial advisor and friend.” To get the Hearts & Wallets Top Performer status, Varas explained, companies must receive ratings from their customers that are higher than the ratings that customers of other companies have given to those companies, and each company included must have enough samples.

The Top Performer method provides useful information to ensure performance against the customer’s needs, Varas said. “Companies that achieve the highest global satisfaction among their customers than other companies are known for focusing on a diverse customer base,” Varas said. This is true for Ameriprise and Edward Jones in this opinion of “my financial advisor and friend. Both companies seem to be doing a good job of understanding the needs of their clients and working together, he added.

The survey was taken from the Hearts & Wallets Investor Quantitative™ Database which analyzes consumer attitudes, opinions, concerns and goals in saving and investing. The latest survey was conducted from August 15 to September 15, 2022, with 5,993 participants.

Ayo Mseka has more than 30 years of experience in financial reporting. He previously served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact him at [email protected].

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