Financial advisors may have to do extra work to help their clients stay on course. Close to half of Americans no longer have enough time for handling their finances amid the Covid-19 crisis, according to a recent survey.

Perhaps most importantly for financial advisors, 34% of the respondents say they are rethinking how they manage their money, 20% are reviewing their existing financial plan more regularly and 11% are creating a new financial plan, according to a Fidelity Investments survey.

Having a financial plan, meanwhile, helps Americans feel more in control: 90% of those who have one say they feel greater peace of mind during times of financial uncertainty, according to the survey.

The findings are from a Fidelity survey of 3,012 adults at least 18 years of age, from which 1,591 respondents qualified as having at least one investment account. The survey was conducted from April 1 to 8.

Forty-nine percent of respondents say increased responsibilities at home and work leave them no time for investments and retirement savings. At the same time, 38% are extremely or very concerned about their finances and 22% are moderately concerned.

Around 43% of the respondents are extremely or very concerned about job security while another 19% are moderately concerned, according to the survey.

Younger Americans, in particular, are worried about their finances. Around 69% of Millennials surveyed are concerned about their financial situation over the next six months, as are 68% of Generation X-ers, compared to 51% of Baby Boomers, Fidelity found.

The coronavirus crisis and its impact on the economy has also resulted in 43% of the respondents feeling more stress and anxiety related to finances, according to the survey.

Forty-nine percent of the respondents feel more stressed about paying off their student debt, 46% about saving enough for retirement, 45% about paying off debt other than student loans, 43% about their ability to pay for the college education of their children and 40% about their ability to pay monthly bills, Fidelity found.

Many Americans, however, have taken steps to address their financial concerns.

Around 48% of the respondents have cut back on discretionary spending and 44% are working to grow their emergency savings, according to the survey.

Perhaps most importantly for financial advisors, 34% of the respondents say they are rethinking how they manage their money, 20% are reviewing their existing financial plan more regularly and 11% are creating a new financial plan, Fidelity found.

Having a financial plan, meanwhile, helps Americans feel more in control: 90% of those who have one say they feel greater peace of mind during times of financial uncertainty, according to the survey.

The findings are from a Fidelity survey of 3,012 adults at least 18 years of age, from which 1,591 respondents qualified as having at least one investment account. The survey was conducted from April 1 to 8.

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