Four in five American adults in a new study said the coronavirus pandemic and subsequent economic downturn would affect their ability to achieve long-term financial security, and three in five said the effect would be moderate to severe.
At the same time, the study released Wednesday by Northwestern Mutual found confidence in a robust recovery — both personally and for the country — to be strong.
Eighty-three percent of participants believed they would ultimately achieve long-term financial security, with 44% saying this would occur a year or less. Thirty-two percent expected it would take two to five years to achieve long-term financial security.
Seventy-six percent were confident that the country would return to full employment, with 47% expecting that in a year or less and 39% believing that would take two to five years. Similar percentages expected the country to return to economic growth.
What Your Peers Are Reading
“These numbers speak to the enormous resiliency people are showing at a time of great financial uncertainty,” Christian Mitchell, chief customer officer at Northwestern Mutual, said in a statement.
“As a nation, and as individuals, we’re in recovery mode. But there’s a resounding confidence that comes across in these findings — people believe in their ability to bounce back.”
The study is part of a research series conducted by The Harris Poll on behalf of Northwestern Mutual. In this wave, 2,702 Americans 18 or older participated in an online survey conducted between June 26 and July 10.
Improved Financial Discipline
According to the survey, Americans’ financial habits and discipline have improved since the coronavirus outbreak.