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Attitudes & Sentiment

COVID-19 as a Catalyst for Change in Saving, Investing and Advice Solutions

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Overview

The Hearts & Wallets Attitudes & Sentiment report annually tracks key consumer sentiments, goals, concerns and attitudes that are relevant to financial services firms and their strategic decisions.
This year, we examine the impact of COVID-19 – how the initial shock and ongoing reactions have changed the consumer mindset and what it means for savings, investing and advice solutions. 

The new 60 page report features 43 exhibits. See table of contents and sample pages below.

Key Findings

  • Consumer optimism about their financial futures bounced back to a remarkable high except for consumers with job disruptions, households with high income but low assets, and Millennials
  • Goals also rebounded but show a focus on the short term
  • The biggest spike in national concerns centers around the U.S. economy, up +11ppts in one year, and among knowledgeable consumers, currency stability
  • Receptivity to advice is warming, along with wanting connections between banking and investing, packaged products, and Information about the asset managers behind products
  • One in 3 consumers says “the COVID-19 crisis has changed my attitudes towards saving and investing,” with implications for investment solutions, banking and advice


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Sample Pages

Table of Contents

Methodology

Key Findings and Implications

Favorite Statistics

Related Research

Key Finding #1: Consumer optimism about their financial futures bounced back to a remarkable high except for consumers with job disruptions, households with high income but low assets, and Millennials.

1.1 Feelings about Financial Future, All Anxiety Levels: National, By Year

7

1.2 Feelings about Financial Future, All Anxiety Levels: By Investable Assets, 2020 vs. 2019

8

1.3 Feelings about Financial Future, No Anxiety (Top Box): By Investable Assets, By Year

9

1.4 Feelings about Financial Future, All Anxiety Levels: By Income Levels, By Year

10

1.5 Feelings about Financial Future, High/Moderate Anxiety Level for Consumers with $160K+ Income: By Investable Assets, By Year

11

1.6 Feelings about Financial Future, All Anxiety Levels: By Generation, 2020 vs. 2019

12

1.7 Feelings about Financial Future, No Anxiety: By Generation, By Year

13

1.8 Feelings about Financial Future, All Anxiety Levels: By COVID Impact to Employment, 2020

14

1.9 Feelings about Financial Future, All Anxiety Levels: By Impact of COVID on Fear of Losing Job Soon, 2020

15

1.10 Feelings about Financial Future, All Anxiety Levels: By Impact of COVID Remote Learning on Employment, 2020

16

1.11 Perception of Experience with Investing, All Experience Levels: National, By Year

17

1.12 Perception of Experience with Investing, All Experience Levels: By Investable Assets, 2020 vs. 2019

18

1.13 Perception of Experience with Investing, All Experience Levels: By Lifestage, 2020 vs. 2019

19

1.14 Risk Tolerance, All Comfort Levels: National, By Year

20

1.15 Risk Tolerance, All Comfort Levels: By Investable Assets, 2020 vs. 2019

21

1.16 Risk Tolerance, "Comfortable" with Risk (Top 2-Box): By Generation, By Year

22

1.17 Risk Tolerance, All Comfort Levels: By Impact of COVID on Fear of Losing Job Soon, 2020

23

Key Finding #2: Goals also rebounded but show a focus on short term.

2.1 Saving & Investing Goals, Have 2 or More Goals: National, By Year

24

2.2 Saving & Investing Goals, All Goals: National, By Year

25

2.3 Saving & Investing Goals, All Goals: National, By Year

26

2.4 Top 5 Saving & Investing Goals: By Generation, 2020

27

Key Finding #3: The biggest spike in national concerns centers around the U.S. economy, up +11ppts in one year, and among knowledgeable consumers, currency stability.

3.1 Concern about Issues, High Concern (Top 2 on 10-Point Scale): National, 2020

28

3.2 Top 10 Concerns, Levels of Concern on a 5-pt Scale: National, by Year

29

3.3 Top 10 Concerns, Levels of Concern on a 5-pt Scale: National, by Year

30

3.4 Inflation vs. Deflation, Levels of Concern on a 5-pt Scale: National, by Year

31

3.5 Crosstab of Concern About "Deflation" by Concern About "Inflation": National, 2020

32

Key Finding #4: Receptivity to advice is warming, along with wanting connections between banking and investing, packaged products, and Information about the asset managers behind those products.

4.1 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year

33

4.2 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year

34

4.3 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year

35

4.4 Select Attitudes by Levels of Agreement on 3-Point Scale: National, by Year

36

4.5 Crosstab Analysis for Attitude About "Understand Financial Advisor Role" by attitude "Value in Paying for Professional Financial Advice": National, 2020

37

4.6. All Attitudes, by Levels of Agreement on 10-Point Scale: National, 2020

38

4.7 All Attitudes, by Levels of Agreement on 10-Point Scale: National, 2020

39

Key Finding #5: One in 3 consumers says "the COVID-19 crisis has changed my attitudes towards saving and investing," with implications for investment solutions, banking and advice.

5.1 Attitude: "The COVID-19 crisis has changed my attitudes towards saving and investing": By National, By Lifestage, By Investable Assets, 2020

40

5.2 Crosstab of COVID-19 Impact on Employment by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

41

5.3 Crosstab of Impact of COVID-19 on Fear of Losing Job Soon by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

42

5.4 Crosstab of Feelings about Financial Security by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

43

5.5 Crosstab of Feelings about COVID Impact to Income by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

44

5.6 Crosstab of Attitude "I See Value in Paying for Professional Financial Advice" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

45

5.7 Crosstab of Attitude "I am interested in advice on the best way to tap into my retirement and general savings to fund my expenses during this crisis" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": by National, 2020

46

5.8 Crosstab of 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 Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

47

5.9 Crosstab of Attitude "It is OK to have debt even when I have the money to pay it off" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

48

5.10 Crosstab of Attitude "Being able to bank and invest at the same firm appeals to me" by Attitude "The COVID-19 crisis has changed my attitudes towards saving and investing": National, 2020

49

Data Dictionary

50-62

Appendix

63

Glossary

64
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Hearts & Wallets reports and research are for internal use only. Reports, wording of survey questions, structure of fields and data points are the property of Hearts & Wallets and are protected by copyright. Access to them is provided to you for internal strategic use only, and they cannot be used outside of your company without written consent from Hearts & Wallets LLC. Please contact Client Success to add more users for internal strategic access or to inquire about flexible options for licensing content for external use.

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