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Wells Fargo Institutional Retirement and Trust Director Joe Ready on the factors leading to the decline in investor confidence.
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Survey's results of that new investor retirement optimism index by Wells Fargo and Gallup.
Won't be until tomorrow but we do you up.
We are able to.
VP and director he joins us now on so.
Basically you -- looking an investor optimism it seems that with the election coming up in November and investors are getting more and more nervous.
About the future is -- you fat.
We did investor optimism is really declining in Philly points and some often many.
24 points since February so.
Consumer investor confidence is -- lagging and it's really concerning around the presidential elections three out of four Americans.
Have told us that they feel the outcome of these elections will have an impact on their financial network so it's really hitting home.
With 43% of investors saying it's gonna have a major impact on and -- As their percentage of people.
In one political camp vs another in other words are people telling you in this survey from -- winds they feel they be better off vs Obama.
Now it's really driven around just her overall confidence a level of uncertainty.
You know this is we do this survey every quarter and in addition to the election Somalia certain she's driven around the fiscal cliff.
Hello existed attacks -- that's gotta be at because after you're not not if if it Peter investor.
You're looking at your cap gains or dividends that's gonna jump and then if -- small business owner as well you've got the answer via taxation and -- yet the health care mandate coming down the law.
And those -- as while some assuming an all of that makes.
Yeah all that money we're -- on the sidelines.
And assuming that all of those -- are playing -- to these results that you discover.
Today they are an overall basis same investors are what concern they don't have to do with the uncertainty in fact one of the survey questions I would look that was around planning.
And we have someone how do you factor all these things have been actually calculated the amount no need for retirement.
And 50% of the people in the survey admitted to guessing at that number so it was very concerning there's a lot of uncertainty they don't know how to plan.
You know you're an expert helping people plan for their retirement so how are you helping them navigate through these tough waters that's what we do -- first and foremost have a plan it's really important is that -- give me a little bit of the details double we talk about.
First saving you know -- -- 41 K plan get and save as much as you can you need to -- your way to retirement it's for interest and today people are saving enough money.
There's a tough economic time however and we looked at counseling come over the last two since the last election period it's actually -- -- gone up.
For 70% of people but despite that 43% reduce or save himself.
-- just keep on working everybody with.
How to time -- happen and with -- -- -- our kids thank you so much Joseph ready Wells Fargo retirement executive vice president and her.
