Affluent Pre-Retirees Have Become More Optimistic About The U.S. Economy In The Past Year, Yet Continue To Distrust Credit Card Companies and Large National Banks

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Latest research from Phoenix Marketing International shows that more than four-in-ten affluent investors age 35 to 64 have been negatively impacted by the current economic environment, with modest improvement evident since November 2011.

“Perhaps more telling of how pre-retirees feel going into the fall Presidential election is that our study shows gains since last year in those who are optimistic that they will be able to retire when they had planned”

Phoenix Marketing International (Phoenix), one of the fastest growing research companies in the U.S., announced today findings from its latest survey among individual investors age 35 to 64 with $100K or more in household income and investable assets, excluding 401(k) or similar employer-managed plans.

Conducted this past May, the Phoenix study shows that 44% of affluent pre-retirees have been negatively impacted by the economic environment and that economic conditions have improved since last November when 50% reported this sentiment. Other indications of a more positive economic environment in the past year include fewer agreeing that “The recession of 2008 never really came to an end for people like me” (35% to 22%) and that “America’s quality of life will be negatively affected by the recent financial crisis for the long-term” (56% to 44%). “Perhaps more telling of how pre-retirees feel going into the fall Presidential election is that our study shows gains since last year in those who are optimistic that they will be able to retire when they had planned,” (38% to 47%) states John Duggan, Phoenix VP for Sales & Marketing.

“Further, our findings show the consequence of investor perception of an improved economic climate translates very quickly to a shift in investment strategy anticipated in the next six months. Specifically, fewer pre-retirees now plan to hold steady/make no changes (31% to 24%) OR to increase the rate of personal savings (32% to 26%),” adds Duggan. That said, in which institutions do pre-retirees hold the highest and lowest trust to be honest in their dealings? Phoenix data show that the local community bank (47%) and mutual funds (25%) are top-tier among affluent pre-retirees. The least trusted financial institutions for these investors include credit card companies (11%) and large national banks (13%).

The biannual Phoenix study has been conducted since November 2009 and was recently administered to nearly 1,900 individual investors. Study data are representative of affluent individual investors residing in the U.S. by age and census location. Also reported are detailed evaluations of investor-targeted print and TV advertisements and investors’ likelihood to consider opening an account with such leading brands such as Aetna, AIM, Alliance Bernstein, Allianz, American Century, American Funds, Ameriprise, Aviva, AXA, Charles Schwab, Berkshire Life, CNA, Columbia Funds, Davis-Selected Advisors, Edward Jones, E*Trade, Fidelity, Franklin Templeton, Genworth Financial, Goldman Sachs, and Guardian.

Other brands for which Phoenix tracks affluent investor sentiment include The Hartford, ING, Invesco, Jackson National, Janus, John Hancock, Lincoln Financial, MassMutual, Merrill Lynch/Bank of America, MetLife, Morgan Stanley Smith Barney, Nationwide, Northwestern Mutual, NY Life, Oppenheimer, Pacific Life, PIMCO, Pioneer, Prudential, Putnam, Raymond James, State Farm, Sun Life, TD Ameritrade, TIAA-Cref, The Principal, Transamerica, Travelers, T.Rowe Price, US Trust, USAA, Wells Fargo, and Vanguard.

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John Duggan
Phoenix Marketing International
508-315-6184
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