Recent signs of improving economic and financial market conditions notwithstanding, an estimated 48% of American investors still believe they will run out of money at some point in their lifetime, according to a survey commissioned by BNY Mellon Wealth Management.

In contrast, when the same survey was conducted 10 years ago--six years before the 2008 market meltdown--only 30% of those questioned believed they would outlive their nest egg.

Part of that bleak economic picture, say Mellon Wealth Management officials, is fed by investors' own underlying anxieties over whether the market can actually rebound. An estimated 61% of investors surveyed said Americans are pessimistic about the markets, with only 39% indicating new optimism.

"When it comes to how investors feel about the financial markets, you could say that bleak is the new black," said Larry Hughes, CEO of BNY Mellon Wealth Management. "Many people are so negative about the markets that they find it hard to believe that something could possibly go right. We maintain that compelling investment opportunities still exist--that is, for those ready to take action."

The survey also found that investors' market fears are causing them to delay any investing or planning decisions, with an estimated 59% of those surveyed saying that they'll wait for market conditions to improve before taking action.

An estimated 40% of survey respondents said that the upcoming presidential election and the potential changes to tax and interest-rate policies are prompting them to delay investment or planning decisions. More than a third of the respondents said they wouldn't make any market investment decisions before they had a better sense of where tax and interest rates are heading.

Some surveys, though, show Americans think the economy is improving. (Click here for a related story.) And despite investors' predominately pessimistic mood about the financial markets, some BNY Mellon Wealth Management executives said that there are still investment opportunities to be had out there.

"Shares in a number of U.S. companies are still very reasonably valued on many historical metrics. And with the sell-off in emerging markets equities last year, we've been seeing opportunities in certain geographies and sectors," said Leo Grohowski, chief investment officer of BNY Mellon Wealth Management. "From high-yield bonds to emerging market debt to strong dividend stocks, opportunities for yield exist outside the traditional fixed income sources in this market."

Jere Doyle, a senior vice president of BNY Mellon and an estate planning strategist for BNY Mellon Wealth Management, contends that the current combination of low interest rates, valuations and taxes offer specific planning opportunities. "There are also a number of mortgage and credit strategies now, too, because of historically low interest rates," he said. "These are just a few of the opportunities that could be available for those prepared to take action."

The survey was conducted by ORC International's CARAVAN Omnibus Services on behalf of BNY Mellon Wealth Management. The national telephone survey conducted between February 9 and 12 sampled 637 adults 18 years of age or older who invest in the markets.

BNY Mellon Wealth Management is a wealth management firm with about $168 billion in private client assets. BNY Mellon is a global financial services company with $25.8 trillion in assets under custody and administration and $1.26 trillion in assets under management.

--Jim McConville