Pessimism Grows Among Affluent Americans as Debt Crisis Lingers
NEW YORK, July 15, 2011 /PRNewswire/ -- A new study by TNS, the world's largest custom research firm, reveals that 87% of Americans with $500,000 or more in investable assets agree that the size of the US government's deficit is a major concern for them.
Of those surveyed, 40% stated that they would be willing to pay higher taxes if it meant there were no changes to Social Security and Medicare. Forty percent also agreed that in order to balance the federal budget, they would be willing to accept changes to both Social Security and Medicare.
Across the board there is concern and uncertainty around the U.S. economy and how it will affect the financial well-being of Americans.
- 43% feel the current state of the economy will jeopardize their retirement plans
- 40% plan to reduce the amount of money they spend compared to last year
Anxiety about the financial health of the U.S. government is also evident, with:
- 56% agreeing that they are concerned that the US government may default on its debt obligations
- 60% stating they do not think the US government should increase the federal debt ceiling
TNS also released its latest Investor Confidence Index, which declined in June to 102, its lowest level in a year. This 11 point drop is being driven by growing pessimism about the stock market and the direction of the economy.
"These findings reveal significant stress and discomfort among investors who control the overwhelming majority of the personal wealth in the U.S. We expect investor confidence to decline further if a decision concerning the debt ceiling isn't made ahead of the August 2nd deadline. On the other hand, a satisfactory resolution could raise investor confidence and spur a rise in the financial markets," said Joe Hagan, SVP at TNS.
The survey is part of TNS' Affluent Market Research Program.
About the TNS Investor Confidence Index
The TNS Investor Confidence Index is a product of TNS' Affluent Market Research Program. The index is a composite measure of confidence based on investor expectations for the next six months. The most recent measure is based on a survey conducted online June 22 – 29, 2011. The statistics cited here reflect the answers of 1,685 respondents who had total investable assets of $500,000 or more. TNS' Affluent Market Research Program has been a leading source of market intelligence on the upscale investor and the savings/investment marketplace since 1981.
About TNS
TNS is the world's largest custom research agency delivering actionable insights and research-based business advice to its clients so they can make more effective business decisions. TNS offers comprehensive industry knowledge within the Consumer, Technology, Finance, Automotive and Political & Social sectors, supported by a unique product offering that stretches across the entire range of marketing and business issues, specialising in product development & innovation, brand & communication, stakeholder management, retail & shopper, and qualitative research. Delivering best-in-class service across more than 70 countries, TNS is part of Kantar, the world's largest research, insight and consultancy network. Please visit www.tns-us.com for more information.
The Kantar Group
The Kantar Group is one of the world's largest research, insight and consultancy networks. By uniting the diverse talents of more than 20 specialist companies – including the recently-acquired TNS – the group aims to become the pre-eminent provider of compelling and actionable insights for the global business community. Its 26,500 employees work across 80 countries and across the whole spectrum of research and consultancy disciplines, enabling the group to offer clients business insights at each and every point of the consumer cycle. The group's services are employed by over half of the Fortune Top 500 companies. The Kantar Group is a wholly-owned subsidiary of WPP Group plc. For further information, please visit www.kantar.com
SOURCE TNS
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