Three-quarters of investors around the world, and more than four in five in the U.S., have concluded that life will never again be the same because of the coronavirus pandemic, UBS reported Monday.
Eight-six percent of American investors said a sense of fear would linger for the foreseeable future.
Globally, about 70% said they planned to travel less and do more work remotely, and about half said they were considering moving to a less populated place. About half of respondents said they were thinking of moving closer to family.
UBS conducted a survey in May among some 3,750 investors in 15 markets, including about 1,000 in the U.S. The sample comprised individuals 25 to 30 years old with at least $250,000 in investable assets, those 31 to 39 with at least $500,000 and those 40 or older with at least $1 million in investable assets.
What Your Peers Are Reading
Seven in 10 investors worldwide said they had been affected to some extent by the pandemic, with 22% of U.S. investors saying the hit was significant, compared with the global average of 25%.
A majority of investors in the survey said the pandemic had influenced how they think about their money, and in the face of prolonged economic uncertainty, they have developed a number of concerns.
Seventy-seven percent of U.S. investors said COVID-19 had hurt their retirement savings, compared with 65% overall; 44% worried about not having enough money in the event of another pandemic, versus 56%; and 37% were concerned that they would not leave enough for their heirs, versus 54% overall.
Four in five American respondents said they feared further market decline, but three in four also saw volatility as an opportunity. This was on par with investors in other regions.
Millennials Hit Hard
Millennials have been hurt by the coronavirus outbreak more than older investors, raising concerns about having to work longer to make up for losses, not having enough save in the event of another pandemic and losing their job.
Seventy-five percent of U.S. millennials in the survey said the pandemic had affected their finances, compared with 65% of baby boomers. Seventy-two percent of men and 67% of women also said they had been negatively affected.