According to new research from Lincoln Financial Group (NYSE: LNC), inflation is the top financial concern for Americans. The study found that 71% of respondents are concerned about inflation, up from 64% in the first quarter. In addition, 55% worry about supporting themselves or their family if they lose their job, and 53% are concerned about supporting themselves or their family if they become disabled. These findings suggest that Americans are increasingly aware of the risks associated with unexpected events such as job loss or disability.
In addition to worrying about the effects of inflation and unexpected events, Americans are also looking for solutions that protect them from market volatility. The study found that 82% would like to invest in a product or solution that offers protection against losses when the market is performing poorly, even if it means fewer gains when the market is doing well. Furthermore, 82% of respondents agree that due to rising costs elsewhere in their budgets, it is more important for them to have protection against expenses or lost income.
It has been a difficult year for many Americans, who are struggling to keep up with inflation, the stock market, and the economy as a whole. According to Elena French, Senior Vice President of Corporate Marketing at Lincoln Financial, the company conducts research to understand the challenges consumers are facing. The research shows that financial protection and solutions are more important than ever.
“Americans are grappling with many things beyond their control — inflation, the performance of the market and the economic climate overall,” French said. However, their findings show that despite the challenges faced by consumers, many people still remain confident in their ability to achieve their financial goals.
The findings from Lincoln Financial Group’s study highlight the need for Americans to be proactive about their financial security and seek out products and solutions that can help protect them during difficult times. With inflation on the rise and unexpected events becoming increasingly common, it is important for individuals to understand their financial risks and have a plan in place to address them.
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Source: Lincoln Financial, Consumer Sentiment Tracker, 2022. The goal of this research was to gauge consumer sentiment on a variety of financial topics. Data was collected in March, April, May, June, July, September, October, and November 2022 using the Qualtrics survey platform. Responses were collected from a total of 1000+ U.S. adults each month. The sample included quotas to be representative of the total U.S. adult population.
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