Many Americans feel current conditions represent a permanent shift in lifestyles, according to the latest UBS Investor Watch survey released today.

Those same investors have changed priorities during the four months of the pandemic to focus less on such things as travel and family, UBS executives said during a press briefing on the survey.

There also is a feeling that many want to move away from more populated cities to less congested areas, according to Investor Watch. The survey included 3,750 investors globally, including 1,007 investors from the U.S. The survey included 25- to 30-year-olds with at least $250,000 in investable assets, 31- to 39-year-olds with at least $500,000 in investable assets, and those 40 or above with at least $1 million in investable assets.

Eight-two percent of the U.S. respondents said current conditions will be permanent, according to the survey.

“There is more fear and uncertainty around this crisis than previous financial crises because this one involved health first and then moved to the economy,” said Bonnie Park, head of Americas Wealth Planning for UBS Global Wealth Management.

People are thinking of the finances on three levels: in the short term they are concerned about whether they have enough liquidity; they are thinking of the risks of longevity, and finally they want to establish a legacy, she said.

“Millennials are feeling more impacted by the pandemic than baby boomers,” she added.

There also are differences in the way the pandemic is affecting people by geography, noted Jeff Scott, head of client research for UBS Global Wealth Management. Asia and Europe are doing better at managing the financial fallout from the pandemic than the United States and South America, he said.

In addition, younger investors are being hurt more because they are just starting out, Scott added.

For the very wealthy, there has been a reframing of family conversations around investments and philanthropy, explained Mark Wilkins, private wealth advisor for UBS Global Wealth Management. “Families are focusing on social good and there has been a dramatic increase in conversations about sustainable investing. They want market rate returns but also want to do good with their wealth.”

Conversations start with liquidity, but shift to how to take advantage of investing opportunities and create a legacy, he said.

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