Much uncertainty exists about what lies ahead in the coming year, but many Americans are optimistic about their personal finances, Allianz Life reported this week.
Allianz Life’s annual New Year’s Resolution Survey found that consumers’ positive financial outlook is prompting them to get their finances in order, either with professional advice or on their own.
The firm conducted an online survey in November with 1,110 respondents before the presidential election and with 1,005 after the election.
Stressed, Yet Optimistic
The survey turned up two major contrasting results.
On one hand, 42% of respondents reported feeling more stressed this year than in 2015, an increase of six percentage points among those who reported being more stressed heading into next year.
The sources of their worries? Most respondents cited the election outcome as their top concern, ahead of other headline issues: terrorism, identity theft and stagnant wages.
Not only that, but the presidential election was this year’s most worrisome topic for 53% respondents before and 47% after the outcome was decided.
On the other hand, 55% of respondents had a positive or neutral view on how the election results would affect their finances after the results were in.
Thirty-two percent were optimistic that they would make money in the near future, while 23% believed that the election outcome would not affect their finances.
Among respondents with a negative outlook, 24% were pessimistic, thinking they would probably lose money in the near future, and 21% were terrified the market would crash, resulting in another major recession.
New Year’s Resolve
Allianz Life said their optimistic financial outlook may have prompted more respondents to claim that they would seek professional help with their finances.
Twenty-nine percentof those surveyed said they would be more likely to seek advice from a financial professional in 2017, the highest percentage in the study’s history, according to Allianz Life. The lowest percentage of respondents open to seeking financial advice was 19%, recorded in 2013.