Ten Years After the Financial Crisis, Most Americans Haven't Reaped the Benefits of Market Growth
New survey reveals that 38 percent of consumers aren’t confident they will reach retirement goals
Irvine, CA, September 26, 2017 - While U.S. stock markets have more than doubled since the global financial crisis, many Americans continue to struggle financially, according to a survey conducted by Online Trading Academy, a leader in investing and trading education.
The survey of 1,013 American adults looked at the lasting impact of the financial crisis that began in mid-2007.
The crisis affected the retirement savings accounts of 57 percent of Americans, according to the findings, including 68 percent of baby boomers.
The stock market is up 250 percent since the height of the recession, but only 17 percent of Americans impacted by the crisis say their retirement savings account is up more than 50 percent.
Thirty-eight percent of Americans impacted by the crisis say their retirement savings have increased by 24 percent or less since that time.
“The stock market is designed to go up over time and has been hitting all-time highs, but for most people it’s not having a corresponding impact on their lives,” said Sam Seiden, Chief Education Officer at Online Trading Academy.
“Many Americans simply don’t know what it takes to create a secure retirement and aren’t investing their money or actively contributing due to a lack of overall financial confidence.”
Americans Aren’t Satisfied with Their Income
While unemployment is on the decline, wage growth has been relatively slow – a sentiment shared by many Americans.
On a scale of 1 to 5 (with one being not at all satisfied and 5 being very satisfied), 31 percent of Americans rate their satisfaction a 1 or a 2.
The largest group of respondents who rate their satisfaction a 4 or a 5 are baby boomers (45%), compared to only 26% of millennials and 25% of Gen Xers.
Many Americans Aren’t Investing
Retirement needs are increasing due to longer life expectancies and rising healthcare costs, yet only 34 percent of Americans are actively contributing to a retirement fund.
Forty-three percent of Americans are not currently investing any money at all, and 30 percent do not plan on doing so within the next year.
Lack of Consumer Confidence
Only 38 percent of Americans are confident or very confident that they will reach their retirement goals.
While one-third of Americans are somewhat confident, more than one-quarter (28 percent) are not confident at all.
Concerns About Another Financial Crisis
Americans’ fears about the financial system may be preventing them from investing, as the survey found that 46 percent are concerned or very concerned about another financial crisis.
Baby boomers (51 percent) and Gen Xers (47 percent) are more concerned than millennials (35 percent).
“We’re seeing that many Americans haven’t fully regained confidence in the economy’s stability to manage their money in a way that will benefit their future,” said Keeley Hubbard, Vice President of Admissions for Online Trading Academy.
“However, what many people don’t realize is that living the life they want doesn’t have to be tied to putting their hard-earned money at risk in the markets.”
To see the full results of the OTA Financial Crisis Impact survey, please visit.
To learn more about how Online Trading Academy provides its students with the tools necessary to develop a financial strategy that they can be confident in, please visit www.tradingacademy.com.
About Online Trading Academy
Online Trading Academy (OTA) helps students take control of their financial future. The patented Core Strategy empowers traders and investors to make smarter decisions.
Students learn under the guidance of experienced traders in a hands-on classroom setting with extensive online education resources.
OTA has its roots in the largest trading floor in the Western US, founded in 1997.
Independent traders needed training to be successful in their investments, and soon a teaching model was born.
By 2001 trading had transitioned to the web and the organization became 100% devoted to education.
From a single location in Irvine, CA, Online Trading Academy has expanded to 40 worldwide campuses, and over 250,000 people have experienced OTA workshops.
For more information, visit: www.tradingacademy.com.