Even before Donald Trump’s policy ambitions met opposition in Congress, investor confidence did not rely on tax reform, according to a new survey.
According to the Wells Fargo/Gallup Investor and Retirement Optimism Index report for the first quarter of 2017, released earlier this week, most of the investment public does not believe that their taxes will be reduced within the next three years.
While 29 percent of the study’s 1,007 respondents believe that their taxes would go down, 39 percent expect an income tax increase and another 31 percent believes their taxes will remain the same.
Despite low expectations for tax reform, respondents reported record levels of investor confidence—60 percent agreed that now is a good time to invest in financial markets, up from 52 percent in the fourth quarter of 2016.
Wells Fargo also found an increase in retirement confidence over time. The poll found 78 percent of respondents feeling confident about their retirement, up from 69 percent the last time the question was asked in 2014.
Most of the respondents are still flying blind before and after retirement. Only 40 percent of retirees reported having a written financial plan; 37 percent of non-retired persons said the same.
The survey was conducted in February.