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WAM Insights: Economic Optimism Remained Steady at the End of 2020

January 11, 2021

Economic Outlook

The Phoenix Wealth & Affluent Monitor Economic Optimism trend experienced a minor decrease for the second straight month among HNW investors, dropping from 47% in November to 45% in December. Economic Optimism remained steady for Mass Affluent investors, increasing one percentage point, to 43% in December.

Investing Outlook

The Phoenix Wealth & Affluent Monitor Investment Outlook – the percentage of HNW investors who plan to increase their investments over the next three months increased nine percentage points in December to 38%.  35% of Mass Affluent investors indicate that they will increase their investments in the next three months, a three-point decrease from November.


After a strong start to 2020, the economic outlook waned as COVID-19 gripped the nation. After hitting rock bottom in March and April, affluent investors’  economic outlook slowly improved until leveling out in November among the wealthiest investors and decreasing among the Mass Affluent investors. While affluent investors never put the brakes on their investing activity in 2020, there were a couple of months, particularly among HNW investors, where we saw an unprecedented spike in divestment activity. We expect the first half of 2021 to be a wild ride as the economy reacts to COVID-19 vaccine distribution and a new administration takes the helm in the White House.


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