As 2020 draws to a close, many Americans continue to endure the health and economic effects of the pandemic, and they are concerned about 2021, an Allianz Life survey finds.
Forty-four percent of respondents worry that the market has not yet bottomed out, and 72% believe that the market will continue to be highly volatile in the coming year.
As a result, only 25% of survey participants said they are ready to invest now, down four percentage points from last quarter.
Even more indicative of the current financial predicament many are coping with is that 34% had to dip into their retirement savings because of the coronavirus’s effect on the economy.
“We’ve watched as the pandemic continues to wreak havoc on people’s financial and retirement strategies, whether that is from unexpected job loss or early withdrawal of retirement assets,” Aimee Johnson, vice president of advanced markets and solutions at Allianz Life, said in a statement.
“It’s clear that people remain nervous about market risks and how their finances will continue to be impacted not only in 2021, but for many years ahead.”
Allianz Life conducted an online survey in December among a nationally representative sample of 1,003 adult respondents.