Americans Struggle with Financial Uncertainty Amid Tariffs, Volatility, and Recession Fears

Only 42% of Americans feel prepared to navigate shifting financial challenges, including higher costs from tariffs, market volatility, and recession concerns. As a result, more than two-thirds of respondents worry that the unpredictable economic environment could derail their financial goals. However, working with a financial advisor can significantly improve one's preparedness, with nearly six in 10 respondents saying they feel prepared to manage evolving economic concerns when working with a financial advisor, compared to just 30% without one.

Key Takeaways:

Only 42% of Americans feel prepared to navigate shifting financial challenges, including higher costs from tariffs, market volatility, and recession concerns.
More than two-thirds of respondents worry that the unpredictable economic environment could derail their financial goals.
Working with a financial advisor can significantly improve one's preparedness, with nearly six in 10 respondents saying they feel prepared to manage evolving economic concerns when working with a financial advisor, compared to just 30% without one.
Approximately half of respondents plan to cut discretionary spending, boost savings, and adjust their investment portfolios.
Those working with a financial advisor are far more likely to adjust their financial portfolio, with 54% saying they plan to make changes to their investments or product mix, compared to just 36% of survey respondents without a financial professional.
80% of survey respondents who work with a financial advisor turn to their advisor first for advice, followed by financial news outlets and friends and family.
In contrast, those without an advisor rely primarily on friends and family, then financial news outlets and social media platforms like TikTok and Instagram for financial guidance.
Nearly two-thirds of respondents investing in the stock market are willing to trade the potential for higher returns for protection against market losses.
Clients with financial advisors are more likely to stick with a plan that reflects their personal goals and risk tolerance, rather than reacting to market volatility.

Statistics:

42% of Americans feel prepared to navigate shifting financial challenges (Equitable, July 15)
67% of respondents worry that the unpredictable economic environment could derail their financial goals (Equitable, July 15)
42% of respondents without a financial advisor feel prepared to manage evolving economic concerns, compared to 60% with a financial advisor (Equitable, July 15)
50% of respondents plan to cut discretionary spending (Equitable, May 13-21, 2025)
54% of those working with a financial advisor plan to make changes to their investments or product mix (Equitable, May 13-21, 2025)
80% of survey respondents who work with a financial advisor turn to their advisor first for advice (Equitable, May 13-21, 2025)
67% of respondents investing in the stock market are willing to trade the potential for higher returns for protection against market losses (Equitable, May 13-21, 2025)

Sources:

Equitable, "Equitable Survey Reveals Americans Feeling Unprepared to Navigate Shifting Financial Challenges" (July 15)
Equitable, "2025 Survey Results" (May 13-21, 2025)