The poll showed that citizens were almost equally as pessimistic as they were optimistic about the US economic outlook, and their expectations of the services of financial advisors are changing.

A poll of 2,200 US adults taken in January finds, perhaps unsurprisingly, that people are leaning more heavily on their wealth advisors to plot a course ahead amid rising inflation and economic volatility.

A study from financial services firm Edward Jones and Morning Consult, shows that Americans are at a crossroads with how they view the state of the US economy. While 45 per cent are optimistic with the direction the US economy is headed, nearly as many are pessimistic (42 per cent). Top concerns about the economy include the rate of inflation (83 per cent), supply chain disruptions (77 per cent), employment rate (71 per cent), and interest rates (71 per cent).

The survey also revealed a correlation between concern and action. The more concerned adults are with economic conditions, the larger the impact those concerns have on their financial decisions. In fact, two in five US adults (41 per cent) participating in the survey have considered the rate of inflation when making financial decisions in the last nine months.

“Americans have certainly been faced with disruptive conditions over the past year – including economic uncertainty from the pandemic, rising inflation and now a potentially rising interest rate environment,” Mona Mahajan, senior investment strategist at Edward Jones, said. “While we may see increased levels of market volatility in this backdrop, we believe economic fundamentals remain solid; it’s important to not let fear, anxiety, or even excitement about markets derail long-term goals and thoughtfully considered financial strategies.”

Americans’ needs from their financial advisors are changing. More than half of Americans working with financial advisors (54 per cent) indicate that a variety of factors including COVID-19, interest rates, and unemployment rates have changed their expectations of their financial advisor. This figure is even higher for Millennials who work with financial advisors (75 per cent).

Trusted financial advisors can play a key role in building financial knowledge and confidence – two important components for building financial resilience. Not only did the survey find that working with a financial advisor can help individuals feel less stress (25 per cent) and frustration (16 per cent), but it also eases anxiety (72 per cent) and concern (61 per cent) about making financial decisions.