Despite increased anxiety over market swings, more than half of Americans understand that they need to take a longer-term view of the market and ride out the turbulence, according to Allianz Quarterly Market Perceptions Study.

At the same time, investors are increasingly worried about a recession. Nearly two-thirds of Americans (63%) expressed concerns about a recession, compared with 43% in the fourth quarter in 2019, Allianz said. 

The online survey, which was conducted in March and included 1,003 adults, also found that 57% said the market has not yet bottomed out.

As for investing, 41% of consumers indicate that they are too nervous to invest in the market, compared with 35% in the fourth quarter last year.

Americans, however, remain optimistic in their ability to recover retirement savings after a market decline. Nearly 70% believe that, even if the market continues to decline, they will have time to rebuild their retirement savings.

“Hopefully, people have already taken steps to mitigate market risks that could impact retirement before the market plummeted, like diversifying or moving money into protection products,” said Kelly LaVigne, vice president of Advanced Markets at Allianz Life.