Affluent investors do not anticipate any change in the fortunes of the American economy, either positive or negative, and intend to stay the course for the next 12 months.
That’s the finding of Spectrem’s monthly quiz for investors participating in the Spectrem Confidence Index. Asked “What is the most significant change or action you plan to take over the next 12 months to improve your financial well-being?”, 29 percent of investors indicated they plan to make no changes going forward.
It is difficult with a fluctuating market to know which way the wind is going to blow in the coming months. The summer is also historically a slow time for market growth, although market norms may be out of the window in today’s turbulent political times.
Sixteen percent of all investors said they plan to alter their investment strategies, without giving an answer as to which way they lean regarding those changes. The only other selection garnering at least 10 percent of the investors’ selections was “Save more”, which was the only choice which recorded a notable increase over the previous time the question was asked in January of 2018.
There was virtually no difference between Millionaires and non-Millionaires in terms of their choices regarding changes in personal financial strategies. Retired investors (32 percent) were more likely than working investors (27 percent) to stay the course and were also more likely (21 percent) than working investors (14 percent) to alter investment strategies in reaction to current market conditions and economic direction.
On the opposite end of the choice spectrum, only 5 percent of investors said they planned to invest in new products going forward, and only 6 percent said they planned to pay down debt to a greater degree than they do now.
©2018 Spectrem Group