2023年NATIXIS全球個人投資者調(diào)查2023-Natixis-Global-Survey-of-Individual-Investors-Full-Report-英

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSPastperformanceis

no

guaranteeof

future

results.Investors

struggleto

reset

expectationsforanewmarket

environment.Afteratumultuousyearinwhichstocks

hadtheirworst

year

since2008,

bonds

delivered

theirworstlossesever,

in?ationhita40-yearhigh,andcentral

banks

implemented

thelargest

interestrate

hikes

inover

40years,investors

aroundthegloberemain

remarkablypositivein2023.Resultsfromthe2023NatixisGlobalSurveyofIndividualInvestors?ndthat68%ofthe8,550people

in

23countries

surveyed

share

a

positive

outlook

on

the

state

oftheir

?nancestoday,

as

30%

say

they’re

con?dent,

24%

say

prepared,

andanother

15%

feel

fortunate.Most

surprisingis

that

giventhereality

oflastyear’s

losses,lingeringin?ation,

and

rumblingsaboutrecession,

onlyone-third

ofthose

surveyed

have

a

negative

outlook

on

their

?nances:only22%

?nd

themselves

stressed,

7%

say

they’re

depressed,

and3%

feel

like

they’ve

failed.Basedonthefears,misconceptions,andmiscalculationsthatinvestorsexpressedintheirsurveyresponses,itseemsthatmanymoreinvestorsshouldbefeelinguneasyorstressedin2023.Stressedbecausetoday’s

macroandmarketscenarioismuchdifferentfromtheonethatdrove

double-digitreturnssincetheGlobalFinancialCrisis.I1

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSThe

positive

vibes

may

last

onlysolongas

the

economyandthemarketsareundergoingshiftsthatcouldtriggerinvestors’

biggest

fears

andshedlight

on

criticalgaps

intheir

investment

knowledge.

It’s

a

combustible

combinationthat

could

leadto

irrational

behavior

andcostlymistakes.of16.5%annually1.

Andit

ran

upbig

returns

withlowervolatilityuntiltheglobalpandemicstruckin2020.Intheaftermath,investorshaveyetto

makeameaningfulad-justmentto

theirreturnassumptionsandreassesswheretheirrealriskslie.Thereality

has

gone

from

“set

itandInessence,theworldhaschangedandmanyinvestorsare

notpreparedto

travel

overunfamiliarterrain:forget

it”

to

“go

get

professional

advice.”The

constant

upward

trajectory

ofinvestment

marketscould

make

even

the

least

experiencedinvestors

looksmart

by

simplybuying

an

index

fund.Facing

a

morecomplicatedworld

andmore

challenginginvestmentlandscape,

investors

are

beginning

to

realize

the

truevalue

ofprofessional

adviceandset

specificserviceexpectations

for

their

advisor.The

economic

landscape

has

gone

from

low

in-?ation,

low

rates,

and

low

dispersion

to

higherin?ation,

higher

rates,

and

higher

dispersions.Survey

results

showthat

investors

facetheir

biggest?nancial

fear

inrising

prices.

They

alsoreveal

a

criticallackof

knowledge

on

how

interest

rates

affect

their

investments.Andtheyuncoverbadassumptionsaboutthesafetyofpassiveinvestments–especiallyintimeslikethese.Markets

have

gone

from

high

returns

withlowriskto

lowerreturnswithgreaterrisks.Thedecadebetween2012and2021wasafreelunchforinvestors,withtheS&P?

deliveringanaverage

returnWithsomuchchangeunderway,

investorshavemuchtoconsiderandmuchto

learn.Ifthey’reto

adapt,theywillhave

to

confront

their

biggest

financial

fears

andaddress

their

most

pressing

investment

concerns.Comingto

gripswithin?ationisthe?rststepformany.I2

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSTheEconomy

:High

prices.

High

anxiety.everydayprices

as

a

key

financial

fear

in2023.

It’sclearthatthepast18monthshavebeentraumatic,asin?ationfaroutstripsthe?nancialfearsthatperenniallytopthelist.After

decades

ofrelative

calm,

investors

realized

oneoftheir

greatest

fears

in

late

2021and2022whenCovid

scarcity,

a

booming

job

market,

andRussia’s

waron

Ukraine

resulted

in

double-digit

in?ation.

Since

then,central

banks

have

steppedin

to

tame

rising

priceswithinterest

rate

hikes,

yet

in?ation

remains

signi?-cantlyhigher

than

policymakers’

target

ranges,

leavinginvestors

to

confront

their

number

one

?nancial

fear.From

lowin?ation,lowrates,andlowdispersion

to

higherin?ation,

higher

rates,

andhigherdispersionsJust

44%

worry

about

a

large

unexpected

expenseand

only

36%

say

they

fear

tax

increases.

Healthcarecosts

(28%),

which

have

not

been

immune

to

risingprices,

rank

further

down

the

list.

And

even

as

the?nancial

news

dwells

on

the

potential

for

recession,only24%

fear

losing

their

job,

while

the

same

numberfear

cash?owproblems.Having

been

dealt

a

handwithrising

costs

for

food,energy,

andhousing,

62%

ofinvestors

rank

higherINVESTORS’

BIGGEST

FINAN62%

44%

36%HighereverydaycostsLarge,unexpectedexpenseTaxesIn?ation

pains

felt

globally.citehighereverydaycostsasatop?nancialfear.

Itstandsto

reasonthatGermanswouldbeweary,especiallyafterweatheringskyrocketingenergypricesinthewakeofRussia’s

invasionofUkrainein2022.Fuelpriceshavedeclined10.4%yearoveryear,

butin?ationlingers.Drivenlargelyby

foodpricesthathaveincreasedby

16.8%,in?ationstillcomesinatahefty6.3%as

ofApril3

–

during

a

period

in

whichthe

country’sexperiencedthe

highest

in?ation

in

its

post-war

history.high,buttherapid

riseinpriceshasbeentraumatic.

TheFederal

Reserve

Bank’s

Survey

of

Household

Economicsand

Decision

Making

foundthattheshareofadultswhosaidtheywereworseoffthanoneyearagoroseto

35%andthenumberofadultswhosaidtheyweredoing“atleastOK”declinedfrom73%to

68%yearoveryear4.Concernovertherisingcostoflivingisglobal,buttheaverage

doesn’t

tell

the

wholestory.

Investors

inArgentina

andUruguay

(84%)express

the

greatestconcern

over

in?ation

–

withgoodreason.

In?ation

inArgentina

spiked

to

108.8%in

April,

largely

duetothe

country’s

practice

ofprinting

money

to

?nancepublicspending2.This

at

a

time

when

a

depreciatingpesohas

driven

upthe

price

ofimported

goods,resulting

in

dramatic

price

increases

for

consumers.The

countries

where

investors

are

less

fearful

ofinflation

include

Japan

–

where

inflation

(25%)ranksbehindrecession

(42%)andwar

(39%)amongfears

–andHongKong,

where

investors

worry

more

aboutmarket

volatility

(41%)than

inflation

(38%).Investors

in

the

US(65%)are

alsoamongthe

mostconcerned.In?ation

has

declinedfrom

last

year’s

40-yearThepainisalsofeltinGermany,

where63%ofinvestorsWHOISMOST

WORRIEDABOUT

INFLATION?GERMANYMOST

WORRIED71%JAPANSWITZERLAND25%UNITEDSTATES53%ITALYLEAST

WORRIED65%49%TAIWANHONGKONG64%38%THAILAND61%AUSTRALIAARGENTINA/54%URUGUAY8

4%I4

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSAdditionalsavingsneeded,buthard

to

?nd.Overall,

76%

ofinvestors

say

rising

costs

make

themrealize

they

needto

save

more

money,

yet

only32%are

actuallysaving

more.

Manyrecognize

that

savingmay

not

be

enoughon

its

own

and60%

say

they

needto

invest

moreto

makeupforin?ation.In?ationisoftenashorter-term?nancialchallenge,butitcouldhaveasigni?cantimpactonlong-term?nancialsuccess,as66%ofthosesurveyedsayin?ationhassigni?cantlyhurt

theirabilityto

save

forretirement,and55%saytheyaresavinglessdueto

thehighercostofeverydayexpenses.2023

TOP

INVESTMENT

CONCERNSInvestorsarechallengedto

takeaction,andmorethantwo-thirds

(68%)say

that

recent

in?ation

has

highlightedthe

importance

ofprofessional

advice.58%Inflation38%Financial

fears

realized

asinvestment

concerns.Investorsworrythattheirgreatestfearwillimpacttheirportfolios,

as

inflation

(58%)ranks

as

their

biggestinvestment

concern

in

2023.

Recession

is

alsoa

growingconcern(38%),asaremarketvolatility(37%),interestrate

hikes(28%),andwar(27%).Recession37%Marketvolatility28%Risingrates27%WarI5

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSInvestorsworryaboutrates;mostdon’t

knowwhy.to

cometo

gripswithamuchdifferentmarketscenarioandrank

risinginterestrates(28%)amongtheirtop?veinvestmentconcernsin2023.57%ofinvestors

say

they

understandwhat

happens

to

bonds

whenrates

increase.

Few

actually

do.Rampantin?ationhasledto

oneofthebiggestshiftsintheinvestmentlandscapein15years–risinginterestrates.Infact,policyrateshadbeenstuckatornearhistoriclowssince2008,whencentralbankssteppedinwithlowerratesto

lessentheimpactoftheGlobalFinancialCrisis.Duringthepandemic,ratesdroppedtozero

or

lower

in

some

countries

as

bankers

implementedanewwave

ofpolicyintervention.While

the

Fed

has

been

amongthe

most

aggressive

in

itsrate

hikes,

investorsin

Asia

have

the

greatest

concern

aboutthe

impact

ofrising

rates.

As

bankers

across

the

regionhave

soughtto

keeppacewiththeFed,moreinvestorsinAustralia(42%),HongKong

(39%),Singapore(37%),andKorea

(35%)worryaboutratesthananywhereelse.Despiterate

concerns,investorsclaimto

understandwhattherate

hikesmeanfortheirinvestments–par-ticularlybonds.Infact,almostsixinten(59%)saytheyunderstandtheroleofbondsinportfolios.Anddespiteseeingbondslosevaluein2022,47%saytheyhavemorecon?denceinbondsto

outperformin2023thanequities–enoughcon?dencethat45%plantoTherewasaconsiderableupsideto

havingratessolowforsolong.Forconsumers,lowratesmade?nancinghomes,cars,andotherbig-ticketitemslessexpensive.Forinvestors,lowrateshelpedto

extendthemarketcycle

anddrive

one

ofthe

longest

bullmarkets

in

history.Within?ationskyrocketinginthepast18months,manycentralbanks,liketheUSFederal

Reserve,haveincreasetheirbondinvestmentthisyear.

Overall,57%ofinvestorssaytheyunderstandwhathappenstobondswhenratesincrease.Inrealityfew

actuallydo.implementedinterest

rate

hikes

to

help

cooloverheatingeconomiesaroundtheworld.NowinvestorsaretryingI6

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSBondsare

math.Mathishard.to

better

understandeverythingfrom

the

tax

implica-tions

to

therisksto

how

bonds

fitin

a

portfolio.The

survey

includeda

quiz

on

bonds

andrates

designedto

gaugehowmanyinvestorstrulyunderstandwhatarisingrate

environmentmeansforbonds.Investorsweregivenfouroptionsto

explainhowrisingratesimpactbondsincluding:1)

Thecurrentvalueofthebondsgoesup;2)thecurrentvalueofthebondgoesdown;3)thefutureincomepotentialfromabondgoesup;or4)thefutureincomepotentialofabondgoesdown.

Theywereaskedto

chooseallthatapply.Passedthequiz

“Idon’t

know”TaiwanHongKongMexico5%4%3%3%3%3%3%2%2%2%2%2%2%2%2%1%1%1%1%1%1%18%8%21%6%ChinaJapan33%31%37%51%40%22%28%28%24%12%17%28%54%31%35%33%64%INVESTORS’

FIVE

BIGGESTQUESTIONS

ABOUT

BONDSGermanyUSOnly2%ofinvestors,or171outof8,550individualsin23countries,

could

provide

the

correct

answers:presentvaluegoesdownandfutureincomepotentialgoesup.In

fact,no

more

than

27%

got

any

one

answer

right.Underscoring

the

challengeis

the

most

commonanswer“Idon’t

know”(30%).Howdodifferenttypesofbondswork?39%CanadaFranceAre

somebondsriskierthanothers?37%SingaporeArgentina/UruguaySpainHowlongdoIneedto

holdontoabond?37%SwitzerlandThailandKoreaThe

mathconnecting

rates

andyields

is

trickyandinvolves

aninverse

relationship.

Andthe

lackofunderstanding

is

universal.

Investors

in

Taiwan

(5%)andHongKong

(4%),

as

well

as

China

andMexico(3%),

scored

highest,

whilethose

in

the

UK(0.8%)andAustralia

(0.5%)scored

amongst

the

lowest.What

are

the

tax

implicationsofbond

investments?35%Colombia/PeruUKWhydoIneedto

beinvestedinbonds?32%ChileBut

bonds

are

justone

facet

ofinvesting

affectedby

rising

rates.

Another

key

subject

where

investorsmay

needto

refresh

their

memory

andreset

theirexpectations

is

passive

investing.ItalyDespite

their

confidence,

manyinvestors

recognizethat

there

is

stillmuch

to

learn.When

asked

what

theirbiggest

questions

about

bonds

were,

theysaid

wantNetherlandsAustraliaI7

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSCon?rmationbiasforpassiveinvestmentsOverthecourseofthepastdecade,lowratesandlowvolatilityhaveprovidedequitieswitharisingtidethatseemsto

haveliftedallboatsequally.

Withinterestratessuppressed

by

central

bankpolicy,

markets

deliveredahistoricstreakofdouble-digitreturnsinthelongestbullmarketinhistory(2009–2020).

Thiscreatedaperiodofhighlycorrelatedreturnsthatwasidealforindexfunds.assume

that

index

funds

are

less

riskythan

otherinvestments.

By

their

very

design,

index

funds

havenobuilt-inrisk

management.

They

just

buyall

securitieswithin

an

index.Second,

despite

last

year’s

market

downturn,

nearly

two-thirds

(66%)think

index

funds

will

help

them

minimizelosses

–

something

they

just

can’t

do.

This

indicatesthatthe

majorityofinvestors

onlyget

half

the

storyon

passiveinvestments:

They

may

recognize

that

when

marketsgoup,index

funds

give

them

market

returns,

but

they

forgetthatwhenmarketsgodown,indexfundsgivethemthelosses,too.WHAT

INVESTORSGETWRONGABOUT

PASSIVEAsmarketscontinuedto

deliverbigreturns,investorsdoubleddown

on

passive

investments.

In

that

same

time,thevirtues

ofpassivehowever,

likeindexfunds,havebeenpromotedsowidelythatinvestorshavelostsightofwhatthesefundspromiseto

deliverandhave

madebroad-basedassumptionsthatdon’t

standupto

logic.Finally,

nearlysixinteninvestors(59%)lookatthebroadexposurethesefundsprovideandassumethatindexfundsgivethemaccessto

thebestopportunitiesinthemarket.

Theymayprovideexposureto

thebestopportunities,butsincetheyinvestineverycompanyinanindex,thesefundsalsogivethemexposureto

theworstopportunitiesinthemarket.PerceptionRealityPassiveinvestmentsofferabasicvalueproposition:They’resupposedto

giveinvestorsmarketreturnsatalowerfee.Butinvestorshavelostsightofthatpromise.Infact,just63%ofinvestorsrecognizethatindexfundsprovide

returns

that

are

comparable

to

the

market.

Moresurprisingly,only54%recognizethatindexfundsaresupposedto

belessexpensive.61%Indexfundsare

lessriskypassivehasnoriskmanagement66%IndexfundscanhelpmeminimizelossespassivegivesyoumarketperformanceupordownWhile

there

is

alwaysa

place

for

passive

products

inthe

investment

mix,

investors

may

want

to

recalculatetheir

assumptions

before

they’re

pressure

testedbyamore

volatile

market

witha

greater

dispersion

ofreturns.It’s

a

step

that

should

be

considered

carefully

ifinvestorsexpectto

liveupto

theirhighreturnexpectations.59%IndexfundshelpmeaccessthebestopportunitiesinthemarketAfteradecadeofbigmarketreturnsampli?edbygoodpress,investorshaveestablishedacon?rmationbiasinwhich

they

believe

passive

investments

have

superpowersthat

simplydon’t

exist.For

example,

61%

wronglypassiveincludeseveryopportunitygoodorbadI8

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSMarkets:From

high

returns

withlowrisk

to

lowerreturnswith

greater

risksOnthehighend,Australiansreportgainsof4.3%fortheyear,

faroutpacingthe-6.14%returnpostedbytheS&PASX100

Index.Investors

in

theUKcameclosest

toa

loss,reportingthey

generated

an

average

positive

return

ofjust0.6%,

even

as

theFTSE

delivered

a

nearly10%

loss6.Over

the

long

term,investors

expect

averageinvestment

returns

of12.8%

above

in?ation.Still,theyrecognizethatitmaytaketimeformarketstobouncebackand,for2023they’vesetaverage

returnexpectationsof8.6%abovein?ation.

Thatstilladdsupto

expectationsforrealreturnsof13.6%ormoreinmanycountriesthisyear(assuming5%in?ation).Great

expectations.Just

as

investors

appear

to

be

unfazed

by

dramaticchanges

in

the

macroeconomic

environment,

theyseem

to

have

taken

last

year’s

bear

market

lossesinstride.Afterseeingmostmajorindexespostlossesin

2022(in

USD),

including

7.0%for

theFTSE,

18.1%for

the

S&P?,

and12.6%for

the

HangSengIndex5,investors

have

moderated

return

expectations…atleast

over

the

short

term.However,

most

seem

to

anticipate

a

return

to

the

roaringbullmarket

that

delivered

average

annual

total

returns

of16.5%from

the

S&P500?

Index

between

2012and2021,includinggains

of31.5%in

2019,

18.4%in

2020,

and28.7%in

20217.Long-termreturnexpectationsre?ectthishighlevelofoptimism.Globally,

investorssaytheyexpectaverage

investmentreturns

of12.8%above

inflation

over

the

long

term,which,basedoncurrentlevelsofin?ation,addsuptosigni?cantlymore.

In

Germany,

the

10.1%above

in?ationinvestorsexpectto

generateaddsupto

over13%realreturns,basedonthecurrentrate

ofin?ation.IntheUS,expectations

of

15.6%

above

in?ation

add

up

to

more

than18%

average

annual

total

returns

over

the

long

run,basedonthelong-termin?ationtargetrate

ofabout2.25%.Incredible

luck,

or

overestimatingtheir

success

in2022?Overall,

investors

appear

to

have

had

remarkable

lucknavigating

last

year’s

downturn.

Even

as

most

majorworld

indexes

were

down

by

double

digits,

the

8,550individualssurveyedsaytheygeneratedpositivereturnsof1.9%,onaverage.Infact,therewasn’t

onecountrywhereinvestorsreportedlossesfor2022.I9

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSTheexpectations

gap

narrows

–but

it’s

stillbig.It

appears

that

after

more

than

a

decadeofoutsizedreturns,

investors

have

been

conditioned

to

expecthighreturns.

However,

their

recency

bias

ignores

theharrowing

experience

of2022,

even

though80%

ofthose

surveyed

say

last

year

was

a

wake-up

callremindingthemthatstockscangodown.EXPECTATIONGAPBYCOUNTRYFinancialprofessionals’long-termInvestors'long-termreturnExpectationsGapexpectations(2022)*expectationsWhile

expectations

are

stillhigh,

thegap

between

whatinvestors

want

andwhat

advisors

say

is

realistic

hasnarrowed

from

61%

in

2021to

42%

today.

Backthen,investors

expectedreturns

of14.5%above

in?ation.

In

a2022survey,

?nancial

advisors

saidreturns

of9%

abovein?ation

were

more

realistic,

leaving

a

61%

gap.

Today,investors

have

moderated

expectations

to

12.8%abovein?ation,butthat

assumption

is

still42%

greater

than

the9%

advisors

call

realistic.GlobalUS12.8%15.6%12.5%12.4%10.6%13.6%9.6%42%123%81%63%63%56%52%44%39%39%35%31%5%9.0%7.0%6.9%7.6%6.5%8.7%6.3%7.0%7.6%6.9%6.6%6.2%14.0%14.5%14.2%AustraliaHongKongCanadaJapanIfinvestorsaregoingto

pursuetheseoutsizedreturnsinamorevolatileandlesscertain

environment,theywillneedto

takeagutcheckonhowmuchrisktheycanac-tuallytolerate–especiallythe38%ofinvestorswhosaytheyneedto

investmoreaggressivelyto

makeupforthegroundtheylostin2022.Even

thoughthegap

in

the

UShas

declinedfrom

lastyear’s

150%

(17.5%vs.7%),

the

countryretains

the

du-bious

distinction

ofhaving

the

largest

expectations

gapat

123%.At

81%,

Australia

faces

the

second

largest

gapamongthe

countries

surveyed,

a

?gure

that

has

moderat-ed

from

2022’s

109%.Italy80%say

last

year

was

a

wake-upcall,

reminding

them

thatstocks

can

go

down.GermanySpain10.1%10.6%9.6%SwitzerlandFranceUKThe

smallest

expectations

gap

can

be

found

in

Singaporeat

2%,

while

there

isno

gap

in

Colombia,

where

investorsandadvisors

agree

that

it’s

realistic

to

expect

returns

of14.9%above

in?ation.

Amongall

countries

surveyed,

theUKshows

the

largest

decline

in

expectations

followedbySpain.Afterregistering

a

gap

of101%

in

2022,

Spanishinvestors

have

tempered

their

hopes

and

now

are

only

40%off

what

advisors

suggest

is

achievable

(10.6%vs.

7.6%).8.9%8.1%MexicoChile14.7%15.1%14.5%4%Singapore2%*NatixisInvestmentManagers,GlobalSurveyofFinancialProfessionalsconductedbyCoreDataResearchinMarchandApril2022.Surveyincluded2,700respondentsin16countries.I10

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSGet

real

about

risk.Even

in

the

best

oftimes,pursuing

double-digit

returnsmeans

takingon

highlevels

ofrisk

andexposing

assetsto

volatility.

Investors

appear

to

be

con?dent

in

their

abili-ty

to

generate

those

returns

this

year,

andnearlysixin

ten(59%)say

they

are

comfortable

takingthe

risk.However,

44%

ofinvestors

admit

they

take

on

more

riskthan

they

should

to

get

better

returns.

This

is

where

theproblem

lies.Any

concern

over

overextending

theirrisktolerances

could

be

ampli?edwhen

markets

becomemore

volatile

–

especially

when

74%

ofinvestors

world-widesay

that,

ifforced

to

choose,

they

would

take

safetyover

investmentperformance.44%ofinvestors

admit

theytake

on

more

risk

than

theyshould

to

get

better

returns.Sustained

volatility

wasn’t

much

of

a

concern

over

the

pastdecade.

Arti?cially

low

interest

rates

andother

favorablemonetary

policies

contributed

to

bigmarket

gains

with

littleor

no

interruption.

But

high

in?ation,

rising

rates,

and

growinguncertainty

have

combined

for

increased

volatility.

In

fact,aftertherelativecalmofmarketsbeforeCovid,volatilityhasbeenhigherintheyearsaftertheglobalpandemic.When

itcomes

down

to

it,investors

say

allthe

rightthingsaboutvolatility,

including

the

two-thirdswhothink

it

createsopportunity

to

grow

theirwealth.Butmore

than

one-quarter(26%)

say

volatility

keeps

them

up

at

night,

and

38%

say

vol-atility

has

been

so

high

that

they

no

longerworryabout

it.I11

2023

NATIXIS

GLOBAL

SURVEY

OF

INDIVIDUAL

INVESTORSVolatility

:thede?nition

of

riskOverall,morethanone-quarterofthosesurveyed(26%)de?ne

riskas

exposing

their

assets

to

volatility

–

a

numberthat’s

even

greater

than

the

23%

who

de?neriskas

losingwealth(23%).Another23%lookattheothersideoftheequation,with13%de?ningriskasunderperformingthemarket

and

10%

de?ning

it

as

missing

out

on

opportunity.Financial

advisors

are

more

than

twiceas

likely

to

seethe

risk

inmissing

out

on

goals

(24%).Of

course,

advi-sorsseethe

other

risks,suchasvolatility

(25%)andlos-ing

wealth(22%),but

they

are

ableto

seehowthose

risks?t

into

the

bigger

picture

ofwhat

investors

are

ultimatelytrying

to

accomplish,suchas

funding

retirement8.for

many

investorsInvestors

may

be

much

more

concerned

about

volatility

thanthey

let

on.

Not

only

does

volatility

rank

as

their

#3

invest-ment

concern

in

2023,

just

behind

in?ation

and

recession,but

it

is

a

fundamentalpart

of

how

investors

de?ne

risk.Investors

may

be

missing

the

big

picture

when

it

comes

torisk,

as

only11%

de?nerisk

in

terms

offailingto

meet

their?nancial

goals.

This

is

where

they

may

bene?t

from

aclearer

conversation

about

risk

with

a

?nancial

professional.In

fact,

onlyin

Japan

does

failingto

meet

goals

comeout

as

the

top

investment

risk

(21%).Anddespite

theinconsistent

views

on

the

basics,

only51%

think

theyneedprofessionaladvicefortheirinvestments.HOWINVESTORSSEERISKINDIVIDUALSVS.ADVISORSIndividualsA