Most Americans agreed that the economy is in or near a financial crisis. Still, many believed that having a plan will help them through it, according to a recent Nationwide survey.

Eighty-eight percent of Americans said that having a plan for their investments made them feel more confident that they could make the right investment decisions, even during extreme financial crises, according to the survey. Moreover, 31% of respondents that worked with an advisor were less nervous, and 40% were more confident in their ability to protect their finances in another financial crisis compared to Americans who didn't have one.

Advisors said they are, in fact, preparing for an economic slowdown. Nearly 65% of advisors said they believed market volatility would increase over the next twelve months, with inflation (33%), interest rates (27%), and an economic recession (24%) being the most common causes. However, 42% expect a financial crisis would be short and shallow, according to the survey.

"It's clear that having a plan and a trusted advisor makes a difference," Nationwide Annuity President Eric Henderson said. "As advisors help their clients build a plan and consider protection solutions, they should also encourage them to remain focused on their long-term goals.

"Whether or not today's environment turns out to become a full-blown financial crisis, advisors are in a great position to inject calm and guide clients through what's to come as they have through turbulent moments in the past," Henderson continued.

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When broken down by generations, 38% of Gen X and 29% of Baby Boomers expected a prolonged period of severe downturn marked by stagflation and instability, the survey said. They also anticipated additional financial crises in their lifetime.

By comparison, millennials and Gen Z are similarly braced for a lengthy recession, but their long-term outlook is much more positive, the survey said. Half of millennials and 56% of Gen Zers said they are optimistic about their retirement journey, maintaining their expectation to retire as planned.

"Older generations have experienced weathering more downturns, and it's not surprising that has conditioned them to proceed with caution," Henderson said. "They also have more on the line, with larger nest eggs vulnerable to market swings and less time to make up for savings lost in a downturn – which contributes to their fear."

But younger Americans rely less on more volatile savings plans, like pensions, Henderson said. They also benefit from having enough time to recover from major setbacks.

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Consumers relied more on credit cards as they battle inflation and rising costs, according to a recent study by PYMNT and Elan Financial Services. The study said that 33% of cardholders shifted to using them more in the last six months, and 43% of those that increased their use of credit cards were experiencing very or extremely negative effects of inflation.

Additionally, many opted to use credit cards with rewards and financial management features. Thirty-one percent said they used cards for the reward and cash-back programs, and 13% said they used them for immediate fraud detection alerts.

"The more impact consumers feel from inflation, the likelier they are to use credit cards for large shares of their spending," the study said. "This also makes it more likely they will end up with revolving balances."

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