Aegon research highlights financial concerns over coronavirus
Aegon has launched a tracker survey to better understand how savers and investors are behaving as a result of the coronavirus and the ensuing market volatility.
The survey* of more than 1,100 consumers, conducted at the end of March, shows that the impact of the coronavirus pandemic is acute, with concern not only for their health but their finances too, with the highest levels of anxiety among 55 to 64 year olds.
A third (33%) of 18-34 year olds have checked the performance of their investments in the last four weeks, compared to 53% of people in the 55 to 64 year old bracket, suggesting that younger investors with longer investment horizons are less anxious which may at least partly be because they have less saved.
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*The 1,110 respondents who took part in this study were recruited through Aegon’s customer and consumer panels. Fieldwork was undertaken in March 2020
“In these exceptional times, with volatile markets, there’s a risk that people, particularly those without an adviser, may panic and react to market movements by rushing into financial decisions that could have long term adverse consequences. After the significant falls in stock markets, it can often be in individuals’ interest to avoid cashing in stock market investments and look to draw money from other sources of savings. It can also make sense if possible to take less income or only what you really need right now. It’s always good to seek advice, and especially so in the current climate before taking any big decisions.”
