Survey finds Americans anxious about coronavirus impact on the economy
BEND, Ore. (KTVZ) -- The stock market just had its worst month since the 2008 recession, according to The New York Times.
So it’s only natural for you to worry about your money. But as long as your money is in a bank insured by the Federal Deposit Insurance Corporation, your money will be safe.
A recent survey conducted by Tally revealed two in three Americans reported feeling anxious about the impact of the coronavirus on financial markets, while 45% of Americans have taken or plan to take actions to preserve cash due to the outbreak's negative impact on the economy.
Jinny Sterzinger, a Central Oregon resident, says she’s not too worried, though.
“Yeah, I’m feeling confident,” Sterzinger said Tuesday. “I use two different banks, so we kind of have it spread out right now.”
And Suzanne Daniel, a certified financial planner in Bend, says Sterzinger has the right idea. Daniel says there’s no reason to panic -- and actually, Daniel said she believes that now is the perfect time to invest.
“This is a great time to actually invest, if you have been thinking about investing,” Daniel said. “There is quite a few stocks on sale, and that’s sort of across the board.”
Daniel said she expects the coronavirus will continue to impact the economy for the next couple of months. She said it may be hard for some, but now would be the time to contribute more money to your retirement fund.
“This is really an ideal time to even put more money into your 401(K),” she said. “If you can increase your contributions to take advantage of this time, your purchase dollars in your 401(K) are going to go further in the long term.”
Daniel also suggests investing in mainstay consumer brands, like Amazon or Coca-Cola.