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WAM Insights: Economic Optimism Among High Net Worth Investors Improves for the Sixth Consecutive Month

October 30, 2020

Economic Outlook

The Phoenix Wealth & Affluent Monitor Economic Optimism trend line increases from 44% in September to 48% in October among HNW investors, which sets yet another record high level since the COVID-19 pandemic began. This month is the sixth straight in which Economic Optimism has grown among the HNW audience, as investor confidence steadily restores itself following the extreme market volatility and uncertainty from earlier this year. Among the Mass Affluent investor audience this month, Economic Optimism hits 51%, which is also new record for that segment in the months following the Coronavirus outbreak – and three consecutive months of growth.

Investing Outlook

The Wealth & Affluent Monitor Investment Outlook – the percentage of affluent investors that plan to increase their level of investments in the next three months – saw improvements across both key audiences again in October 2020. 35% of Mass Affluent investors report that they are likely to increase their investments, reflecting a 1% increase versus September, and nearly reaching pre-pandemic levels. Meanwhile, 43% of High Net Worth respondents indicate a likelihood of increased investment activity in the upcoming three months, which is approaching record highs set in early 2020, and well above 2019 averages for that audience. This month is the third straight in which there has been an upward trend in Investment Outlook for investors with $1M+ assets.


The October 2020 Phoenix Wealth & Affluent Monitor results once again highlight steady improvement in sentiment among affluent investors since COVID-19 first began, though overall, Economic Optimism is still far below average ratings from before the Coronavirus. Along with the ongoing positive trend in market optimism, Investment Outlook in the upcoming three months is strong across both Mass Affluent and HNW respondents, showing that a healthy percentage of investors plan to further increase their investment levels/frequency, despite the lingering impact of Coronavirus and other ongoing macroeconomic issues. Investment Outlook ratings for each audience are nearly on par again with record highs set at the beginning of 2020 and are consistently at least as strong as 2019 – further reinforcing that many investors are confident enough to remain active in the market right now. While other recent Phoenix research shows that the upcoming election results may have a strong impact on investor attitudes and behaviors, overall Economic Optimism continues to improve for now as we approach 2020 election day.


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