Arm Yourself with Good Information in Times of Stress
Survey shows employees who seek financial advice from trusted sources feel more confident
As the COVID-19 pandemic continues, Americans are juggling numerous concerns. Just to name a few, they’re worried about their own health and the health of their loved ones and communities, the long-term economic impact of the pandemic, and the impact the pandemic will have on their finances.
During this time of uncertainty, it’s only natural to stay tuned to an endless and rapidly changing news cycle. But when it comes to your finances, the information you take in can easily affect how you feel. Watching big market shifts can shake your confidence and potentially lead you to make rash decisions that undercut your long-term financial health.
That’s why, during stressful times, it’s important to know you’re not alone. Getting information from the right source can make all the difference in how you feel.
Employers are a trusted source of information
If you find yourself worried these days, you’re not alone. In a recent survey focused on consumer confidence in light of COVID-19, Empower Retirement found that 82% of employees are concerned about the long-term consequences of a potential recession, and more than half are worried about their retirement savings.1
In this environment, employees are turning to a variety of sources for information and advice.
Nearly one in 10 have looked to their employer for advice on how to manage their retirement savings during this market downturn, and 42% plan to do so.1 The research indicates that this approach is a wise one: Those who have received information from their employer are markedly more confident about their retirement savings. And with a more confident outlook on the future, they’re likely to be able to stick to their long-term investing plan — a key strategy for retirement investors.
The wisdom of experience
At times when market volatility is high, a sense of confidence and calm is more important than ever. You can take comfort in the fact that financial experts have witnessed downturns before, and you can learn from their knowledge and experience. Reliable information is available — and seeking sound advice can ease your concerns and help you feel more settled during a stressful period.
When market activity makes you feel uneasy, remember that you can reach out to your employer, your retirement plan provider or your financial advisor. They’re here to answer your questions and provide guidance.
The pace of current events makes it easy to feel overwhelmed by a constant flow of headlines. But information from trusted sources can add confidence and help you stick to your long-term plans and ultimately weather this period with a sense of calm.
Empower can help navigate these uncertain times.
1Empower Institute, "From Confidence to Concern: America's financial outlook in the face of a pandemic," March 2020.