Attitudes & Sentiment 2022: Understanding the Retail Investor Mindset and Business Opportunities During Times of High Inflation
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Report Overview
A lot is going on! Inflation is at record highs, markets are down, Russia and China are center stage of geopolitical instability, and there is talk of a recession. Just released 2022 survey data reveals the top consumer attitudes, sentiments, concerns and goals, so you can see whats top of mind for your customers and where the opportunities lie. Here are a few stats: 46% of US households have high concern about inflation. And 1/3rd of these consumers are holding more than 90% of their assets in cash as buying power erodes. Additional leading concerns include 41% about the economy, 39% about the future of Social Security, 33% about global conflict, and 24% about declines in the U.S. stock market. But more and more consumers feel their advisor is a partner to them, underscoring the value of advice and guidance in the face of the current headwinds.
Key Findings
- National consumer sentiment today shows reduced confidence without an increase in overt anxiety, softening feelings of being “experienced” investors, and tolerance of volatility.
- Competing financial goals is at an all-time high since tracking began, with over half of households having 3+ goals.
- Inflation is the #1 concern nationally, up +8ppts to 46% of households, equal only to the high level of concern about U.S. healthcare a decade ago.
- The most commonly held attitude nationally in 2022 is “I wish I were doing a better job saving” with Millennials, Gen Xers and households with <$100K showing more confusion about investing.
- Analysis of attitudes for specific firms reveals at least 3 big opportunities for stores and 4 for asset managers.
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Sample Report Pages
Table of Contents
Methodology 1-2
Key Findings & Implications 3
Favorite Statistics 4
Related Research 5
Key Findings 6-48
1: National consumer sentiment today shows reduced confidence without an increase in overt anxiety, softening feelings of being “experienced” investors, and tolerance of volatility. 6-17
Exhibit 1.1 — Feelings about Financial Future, All Anxiety Levels: National, by Year
6
Exhibit 1.2 — Feelings About Financial Future, All Anxiety Levels: by Investable Assets, by Year
7
Exhibit 1.3 — Feelings About Financial Future, All Anxiety Levels: by Generation, by Year
8
Exhibit 1.4 — Feelings About Financial Future, Top 2 Box “High/Moderate Anxiety”: by Income Range, by Generation, 2022
9
Exhibit 1.5 — Perception of Experience With Investing, All Experience Levels: National, by Year
10
Exhibit 1.6 — Perception of Experience With Investing, “Very” or “Somewhat Experienced”: by Investable Assets, by Year
11
Exhibit 1.7 — Perception of Experience With Investing, “Very” or “Somewhat Experienced”: by Generation, by Year
12
Exhibit 1.8 — Risk Tolerance, All Comfort Levels: National, by Year
13
Exhibit 1.9 — Risk Tolerance, “Very” or “Somewhat Comfortable”: by Investable Assets, by Year
14
Exhibit 1.10 — Risk Tolerance, “Very” or “Somewhat Comfortable”: by Generation, by Year
15
Exhibit 1.11 — Risk Tolerance, All Comfort Levels by Store: All Customer Types, 2022
16
Exhibit 1.12 — Risk Tolerance, “Very Comfortable” by Store: All Customer Types, 2017-2022
17
2: Competing financial goals is at an all-time high since tracking began, with over half of households having 3+ goals. 18-23
Exhibit 2.1 — Saving & Investing Goals, All Goals: National, 2022
18
Exhibit 2.2 — Saving & Investing Goals, All Goals: National, 2013-2022*
19
Exhibit 2.3 — Number of Saving & Investing Goals: National, by Year
20
Exhibit 2.4 — Number of Saving & Investing Goals: by Investable Assets, 2022
21
Exhibit 2.5 — Number of Saving & Investing Goals: by Generation, 2022
22
Exhibit 2.6 — Saving & Investing Goals, All Goals: By Generation, 2022
23
3: Inflation is the #1 concern nationally, up +8ppts to 46% of households, equal only to the high level of concern about U.S. healthcare a decade ago. 24-29
Exhibit 3.1 — Concerns: National, 2022
24
Exhibit 3.2 — Concerns: National, by Year*
25
Exhibit 3.3 — Concern About “Inflation”: by Year
26
Exhibit 3.4 — Crosstab of Concern About “Inflation” by Percent of Cash in Asset Class Allocation: 2022
27
Exhibit 3.5 — Crosstab of Concern About “Inflation” by Goal “To buy a home or other real estate”: National 2022#28
Exhibit 3.6 — Top Concerns of High/Moderate Anxiety Households: by Generation, by Investable Assets, 2022
29
4: The most commonly held attitude nationally in 2022 is “I wish I were doing a better job saving” with Millennials, Gen Xers and households with <$100K showing more confusion about investing. 30-38
Exhibit 4.1 — All Attitudes, by Levels of Agreement on 10-Point Scale: National, 2022
30
Exhibit 4.2 — All Attitudes, Change in Top 3 Box (8-10) Levels of Agreement on 10-Point Scale: by Investable Assets, by Generation, 2022 vs. 2021
31
Exhibit 4.3 — Top 5 Attitudes, by Levels of Agreement on 10-Point Scale: National, 2022
32
Exhibit 4.4 — Engagement & Service Model Attitudes, by Levels of Agreement on 10-Point Scale: National, by Year*
33
Exhibit 4.5 — Engagement & Service Model Attitudes, by Levels of Agreement on 10-Point Scale: National, by Year*
34
Exhibit 4.6 — All Employment & Retirement Attitudes, by Levels of Agreement on 10-Point Scale: National, by Year*
35
Exhibit 4.7 — All Macroeconomic & Political and Saving & Spending Attitudes, by Levels of Agreement on 10-Point Scale: National, by Year*
36
Exhibit 4.8 — All Product, Banking & Insurance Attitudes, by Levels of Agreement on 10-Point Scale: National, by Year*
37
Exhibit 4.9 — All Product, Banking & Insurance Attitudes, by Levels of Agreement on 10-Point Scale: National, 2022
38
5: Analysis of attitudes for specific firms reveals at least 3 big opportunities for stores and 4 for asset managers.
39-48
Exhibit 5.1 — Crosstab of Attitude “I understand what a financial advisor does” by Attitude “My financial advisor is a partner to me”: National, 2022
39
Exhibit 5.2 — Attitude “I understand what a financial advisor does”: by Self-Reported* Highest Scope & Service Level on Inside Advice® Grid, 2022
40
Exhibit 5.3 — Attitude “My financial advisor is a partner to me” by Store: All Customer Types, 2022
41
Exhibit 5.4 — Attitude “I understand what a financial advisor does” by Store: All Customer Types, 2022
42
Exhibit 5.5 — Attitude “I expect to spend most of my money myself, rather than passing it on to heirs or charities” by Store: All Customer Types, 2022
43
Exhibit 5.6 – Attitude “It is important to me which investment companies manage my mutual funds regardless of whether I or a financial professional has chosen the funds” by Asset Manager: All Customer Types, 2022
44
Exhibit 5.7 – Attitude “Active investment strategies are better during certain market conditions than passive investment strategies, also known as indexing” by Asset Manager: All Customer Types, 2022
45
Exhibit 5.8 – Attitude “I'd prefer one product that combines different investments to accomplish a goal, over me or an advisor assembling a portfolio of many component investments” by Asset Manager: All Customer Types, 2022
46
Exhibit 5.9 – Preference for Packaged Products or Components by Asset Manager: All Customer Types, 2022
47
Exhibit 5.10 – Attitude “Investing for a positive, social or environmental impact influences my investment decisions” by Asset Manager: All Customer Types, 2022
48
Data Dictionary 49-58
Appendix 59-62
Glossary 63
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