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More than 80% of investors fear the market will plummet again before the COVID pandemic ends, UBS says


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More than 80% of investors fear the market will plummet again before the COVID pandemic ends, UBS says

A UBS survey of 3,750 wealthy investors around the world showed 81% of respondents wary of a second market decline before the pandemic is contained. Seven in 10 investors said they were financially impacted by the virus, with 25% of the group classifying their impact as “significant.” Still, 79% of investors see near-term volatility as…

More than 80% of investors fear the market will plummet again before the COVID pandemic ends, UBS says

  • A UBS survey of 3,750 wealthy investors around the world showed 81% of respondents wary of a second market decline before the pandemic is contained.
  • Seven in 10 investors said they were financially impacted by the virus, with 25% of the group classifying their impact as “significant.”
  • Still, 79% of investors see near-term volatility as an opportunity and 86% want more guidance than usual from their financial advisers, according to UBS.
  • Visit the Business Insider homepage for more stories

Wealthy investors don’t think the global economy is in the clear just yet.

In a UBS survey of 3,750 investors worldwide, 81% of respondents said they fear a second market decline before the virus is contained and economies recover. Latin America hosts the largest share of such worries, with 88% of investors forecasting another drop. Investors in Switzerland are significantly less concerned, as just 64% hold the same fears.

The majority of investors surveyed were already burned by the virus and its hit to markets. Seven in 10 investors said they were financially impacted by the pandemic, with 25% of the group deeming the impact “significant.” A total of 67% said the pandemic has changed how they think about their money.

Read more: UBS says buy these 18 diamond-in-the-rough stocks that will offer massive gains over multiple years, even as their underlying industries suffer

Most aren’t looking to wade through the rest of the pandemic on their own, with 86% of investors saying they want more guidance than usual from their financial advisers. Even with most expecting a market slide before a turn higher, respondents are looking to be on the right side of the upcoming volatility. About 79% of investors view market risk as an opportunity, UBS said.

“As investors navigate the COVID-19 crisis, they are seeking the latest insights and more tailored advice on how to achieve their financial goals,” Tom Naratil, co-president of UBS Global Wealth Management, said. “The pandemic is causing many of them to rethink how they’ll fund their liquidity, longevity, and legacy needs.”

Still, near-term money concerns loom. Just over half of respondents fear they don’t have enough cash to ride out a second wave of COVID-19 cases.

Millennials faced the harshest financial toll from the pandemic as of the July survey, UBS found, but the generation was also the most giving. Nearly three-quarters of the younger investors said they were financially impacted by the virus, compared to 66% of baby boomers. Yet twice as many millennials increased the financial support they granted friends and family compared to the older generation, or 34% of millennials to 17% of boomers.

The younger generation also holds a greater share of investors interested in impactful investing. Where less than half of boomers showed interest in sustainable investing due to the pandemic, 69% of millennial investors showed interest. Six in 10 millennials were interested in philanthropy tied to the virus compared to 35% of boomers, the bank added.

Now read more markets coverage from Markets Insider and Business Insider:

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