American investors have significant anxiety about the security of their investments, particularly as it relates to their retirement savings, according to a new FINRA report. Over 1,000 investors–a multigenerational, ethnically diverse, and gender-balanced bunch–took the online survey sponsored by FINRA in June 2007. A majority of respondents reported being more anxious about losing money on their investments (78%) and saving for retirement (73%) than they were about losing their jobs (50%), or buying a house (42%).
“While it is no surprise that investors have a high level of anxiety about saving for their future and avoiding becoming the victims of fraud, this survey drives home the point that everyone must do more to help people to become better informed about investing,” said Mary Schapiro, CEO of FINRA, in a statement.
Additional survey findings show that the majority of investors are anxious about being defrauded (67%). Although one in 12 investors reported losing money in an investment because they were misled or defrauded, only a small number reported the fraudulent activities. Young investors, in particular, may be engaging in risky investing behavior, FINRA warned. They are the most likely to receive investing information from friends or acquaintances and to invest in unsolicited investment offers.