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5 Ways Prospects May Have Changed Since the Distant Past

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Marketers are still trying to figure out how consumers have changed since the spacetime continuum ruptured, and people began staying home in an effort to avoid COVID-19.

LIMRA and Genworth Financial Inc. have posted a little new consumer survey data from the new pandemic world.

(Related: How Emotions Are Affecting Financial Confidence During Pandemic)

LIMRA based its figures on survey responses collected on May 19 and May 20 from about 2,000 U.S. consumers ages 18 and older.

Genworth based its figures on responses from about 1,000 U.S. consumers ages 18 and older. Genworth collected its responses May 18 and May 19.

Here are five things the companies found.

1. Overall satisfaction with economy has plummeted.

About 56% of LIMRA survey participants said they had a “very favorable” or “somewhat favorable” opinion about the economy in January.

In March, the percentage with a very or somewhat favorable opinion about the economy plunged to 25%.

In May, the percentage fell again, to 21%.

2. Consumers may be a little more optimistic about saving for retirement and buying insurance in May than they were in March.

LIMRA asked the survey participants how much impact they thought a recession would have on various aspects of their lives.

The percentage who said a recession would have a strong, or very strong, impact on saving for retirement fell to 41% in May, from 50%.

The percentage who said a recession would have a strong, or very strong, impact on their ability to meet their insurance needs fell to 29%, from 35%.

3. More consumers now know what “caregiving” means.

Changes and restrictions related to the COVID-19 pandemic caused about one-third of the Genworth survey participants to suddenly begin providing a new level of care for either a adult or a child. The caregivers said they spent an average of nine hours per week on their new caregiving responsibilities.

4. Consumers say they’re thinking more about the future.

About 34% of the Genworth survey participants said the pandemic has made them want to improve their financial planning, 37% said it has made them want to improve their physical health, and 39% said it has made them more willing to prioritize saving for their future.

5. Consumers might be more interested in long-term care planning.

Genworth, which sells long-term care insurance, says 32% of its survey participants said they  want to make sure they can afford to get any long-term care services they need in the setting of their choice.

— Read How the Pandemic Is Affecting Retirement Confidence: EBRIon ThinkAdvisor.

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