COVID-19 shook the foundation for investors. It ravaged the job market about as quickly as any recession in history and destroyed investments and savings that many leaned on. More American’s are thinking about financial stability than at any other time.
A survey by Lincoln Financial Group found that 8 out of 10 adults cannot achieve their life goals without financial security, but only 2 out of 10 adults feel they have it. Additionally, 87% of adults say they are now making it a priority. Financial stability means access to relatively liquid accounts, stable debt loads, and spending less than their income. This financial stability was shaken by the pandemic as 30% of Americans experience large deviations in financial well-being. Their jobs and financial planning need to meet their month-to-month finances, have the capacity to absorb a financial shock, meet their long-term goals, and give them flexibility in their day-to-day spending. Clients want to understand how their portfolio protects them against different risks.