US retail traders fear potential recession, according to survey by moomoo
“There are still lingering fears about a potential recession, but we saw markets shrug off these fears in the first half of 2023 driven by an upbeat earnings season. With a better understanding of financial markets, we believe investors will be better able to navigate their investing journey amid market turbulence.”
US retail traders are worried about their financial futures with 18% of survey participants placing themselves in the “most worried” category amid high inflation and 2022’s selloff in stocks and bonds, according to the first Personal Finance Survey of US moomoo users.
moomoo is an online trading platform owned by Singapore-headquartered and Nasdaq-listed Futu Holdings, a trading technology provider and brokerage firm with operations across the globe.
In the United States, securities products and services are offered by Moomoo Financial Inc. (“MFI”), an SEC registered broker-dealer and member FINRA/SIPC.
“There are still lingering fears about a potential recession”
moomoo’s Personal Finance Survey also found that financial literacy looks different for everyone, depending on income and education levels, but ‘mooers’ are planning and saving for their futures through budgets and income allocation.
Key findings of moomoo’s Personal Finance Survey include:
- Mooers with advanced degrees are more worried than average about their financial futures. Participants with advanced degrees are the most worried group (28%,) followed by high school diploma holders (21%). and those with a bachelor’s degree (16.1%).
- Two-thirds of mooers are planning their financial futures. Most participants (63.5%) have a budget to map out their financial future. Financial news is the most used source for financial knowledge and mooers also improving their financial literacy by talking to friends (8.4%) and families (6.0%) and learning from influencers (6.4%).
- Almost 80% of mooers give themselves either a middle ranking (3/5) or a high ranking (4/5) when asked about their level of personal finance knowledge. Financial education plays a big role in the perceived level of financial knowledge with respondents expressing interest in a wide variety of personal financial topics. Investing sits as the top choice (31% of all users) with saving, insurance and budgeting among other topics.
Justin Zacks, Vice President of Strategy, Moomoo Technologies Inc, said: “I am glad to see that most of our users are conscious of potential risks in their financial future and are actively responding to them. There are still lingering fears about a potential recession, but we saw markets shrug off these fears in the first half of 2023 driven by an upbeat earnings season. With a better understanding of financial markets, we believe investors will be better able to navigate their investing journey amid market turbulence.”
