60% of Americans Face “Someday Scaries” for Financial Security
Three out of five American adults face the “Someday Scaries” when it comes to financial security, according to a new study from Ally Financial. They know they need monetary stability for the future, but they don’t know how they’re going to reach that goal.
This term is a play on the phrase “Sunday Scaries,” referring to the anxiety people experience before a work week begins. In this case, the fears revolve around investing – how, when, where and with whom.
61% of survey respondents said they were scared or intimidated by the stock market. The fear was higher for Millennials than it was for other generations. 52% said they would start investing or would invest more money in the stock market in the future, but they did not know when that would be.
The biggest fear the participants had was in making a bad investment. 50% were worried they would lose money because of their investment decisions. The president of Ally Invest, Rich Hagen, says that the key to reducing risk is to have a diverse investment portfolio “that contains a variety of ETFs, bonds, and cash.”
35% of respondents didn’t think they had enough money to invest at this time, and 31% didn’t know who to trust when they were ready to invest.