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Economic Outlook Among Affluent Market Highest Since February 2020

April 5, 2021

Economic Outlook

March 2021 results from the Phoenix Wealth & Affluent Monitor Economic Optimism continue an upward trend for the third consecutive month. Over six in ten affluent U.S. households reported a positive economic outlook, the highest positive outlook since February 2020. Since the start of 2021, optimism has increased from 47% to 61% among Mass Affluent households ($250K-$999K investable assets) and from 46% to 62% among High Net Worth households ($1MM+ investable assets). Approximately three-in-ten affluent households are pessimistic about the future of the U.S. economy while 8%-9% are unsure.

Investing Outlook

The Phoenix Wealth & Affluent Monitor Investment Outlook increased significantly in March following a recent downward trend, and now hitting its highest levels since the fourth quarter of 2020. Among Mass Affluent investors, 37% say they will increase their investments in the next three months, (up from 32% in February). Just over four-in-ten High Net Worth investors (41%) report that they will increase their investments, up from 31% in February. Only 4% from each of the two segments say they will decrease their investments in the next three months.


For the first time in 2021 both Phoenix Wealth and Affluent Monitor economic indicators, Economic Optimism and Investing Outlook, have increased in the same month. By comparison, before the economic downturn in March 2020, over 7 in 10 Mass Affluent and HNW households had a positive economic outlook and over 4 in 10 households expected to increase their investments. The positive upward trends seen thus far in 2021 indicate a strong rebound in investor sentiment as financial concerns due to COVID-19 continue to fall. If the current trend continues, both economic indicators could potentially reach pre-pandemic levels by the end of May 2021.


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