Despite all odds, Americans may be feeling good about their own financial future, but many are becoming cautious about their investments, according to a study released by Allianz Life Insurance Co. of North America.
Forty-six percent of the1,000 American adults polled by the Minneapolis-based insurer said that they were very confident about their financial situations, compared to 43% who said they were very concerned.
However, many of those polled were also shying away from getting into the capital markets.
Fifty four percent said that they would keep more of their cash reserves in their banking accounts over the next 12 months, while only 17% said they would raise their investments in stocks.
Fifteen percent said they would invest more strongly in life insurance and annuities.
But Americans’ confidence about their current financial situation faded away when they were asked about their retirement and needs beyond their working years: 58% said they were concerned about their retirement savings, while 52% said they were very concerned about becoming ill or needing long term care.
Seventy-three percent of those who were polled also said that they felt bad about the overall situation in the U.S. in the next 12 months.
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