An overnight poll of 1,000 affluent Americans conducted Thursday evening by UBS Wealth Management Americas found that 40% are waiting out a resolution on the debt ceiling before putting any more money in the markets.
“Whether we’re talking to and advising a corporate chief executive, a high-net-worth investor or a small business owner, it’s clear that uncertainty over the U.S. debt has frozen everyone in their tracks when it comes to actively participating in the market,” said Robert J. McCann, chief executive officer of UBS Wealth Management. “What our clients need now is someone they trust to help them navigate this uncertainty and help them understand the issues affecting this economy.”
Asked what worries them in terms of potential impact on their financial goals, 65% said the size of the U.S. debt, up from 59% in April. Also, 40% are very worried about the country defaulting on its debt.
Only 21% are optimistic about the short-term prospects for the U.S. economy, dramatically down from 53% in April. Today, 60% are pessimistic, a complete reversal from 27% in April.