When the long-term outlook feels overwhelming, many Americans splurge to feel better

KEY FINDINGS:

• 74% worry recent market highs are unsustainable and the economy may be due for a correction
• 63% are waiting to make financial decisions because economic conditions are too unpredictable
• 43% are likely to splurge on purchases that help them feel better in the moment when overwhelmed by their long-term financial outlook

With markets at record highs, Americans think the upward trajectory is unsustainable, according to the Q3 2026 Quarterly Market Perceptions Study* from the Allianz Center for the Future of Retirement, part of Allianz Life Insurance Company of North America (Allianz Life).

About three in four (74%) Americans are concerned that recent market highs are unsustainable and the economy may be due for a correction. Millennials (77%) are more likely than boomers (73%), Gen X (72%) or Gen Z (71%) to hold this concern.

At the same time, nearly two-thirds (63%) say they are waiting to make financial decisions because economic conditions are too unpredictable.

Despite these concerns, willingness to invest has rebounded. After dipping in the second quarter, the percentage of Americans who are comfortable with current market conditions and ready to invest now has returned to 27%, which is consistent with earlier this year.

“Too often when markets are up, people will assume they will keep going up and pile in,” says Kelly LaVigne, VP of consumer insights, Allianz Life. “The fact that many Americans are aware that the good times can’t last forever is actually encouraging. But, that awareness is leaving many people just sitting on the sidelines waiting for a sense of certainty that most likely will never come. That’s where a financial professional can help you build an effective strategy if the market keeps climbing or pulls back.”

While many are waiting on financial decisions, many also recognize that they could benefit from professional guidance. The majority of Americans (62%) say current market conditions have made professional financial guidance more valuable in the past six months.

Financial anxiety has many Americans splurging

More than two in five (43%) say they are likely to splurge on purchases that help them feel better in the moment when overwhelmed by their long-term financial outlook. Gen Z (61%) are more likely than millennials (56%), Gen X (33%) or boomers (24%) to say they splurge to feel better.

“When the financial future feels overwhelming, we often default to doing what feels good now,” says LaVigne. “The risk is that spending on little treats today can chip away at long-term financial security. A financial professional can help you build a strategy that accounts both for money to enjoy now and money that can be protected for the future.”

* Allianz Center for the Future of Retirement conducted an online survey, the Q3 2026 Quarterly Market Perceptions Study in August 2026 with a nationally representative sample of 1,005 respondents age 18+ in the contiguous U.S.

The Allianz Center for the Future of Retirement produces insights and research as a part of Allianz Life Insurance Company of North America.

About Allianz Life Insurance Company of North America

Allianz Life Insurance Company of North America (Allianz Life), one of the Ethisphere World’s Most Ethical Companies®, has been trusted since 1896 to help millions of Americans prepare for financial uncertainties and retirement with a variety of innovative risk management solutions. In 2025, Allianz Life provided additional value to its policyholders via distributions of more than $18.7 billion. Allianz Life is a leading provider of fixed index annuities, registered index-linked annuities, and indexed universal life insurance. Additionally, Allianz Investment Management LLC (AllianzIM), a registered investment adviser and wholly owned subsidiary of Allianz Life, manages the suite of AllianzIM exchange-traded funds (ETFs). Allianz Life and AllianzIM are part of Allianz SE, a global leader in the financial services industry with more than 156,000 employees in nearly 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer’s Minnesota United.

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