This survey, conducted by Vanguard’s investor behavior research team, collects Vanguard investor expectations on U.S. stock market returns and U.S. GDP growth.
The survey responses reflect investor beliefs about the market and the economy. The responses may be of use to advisers, plan sponsors, researchers, and other investors wishing to gauge current sentiment among individual households and calibrate what a client thinks compared to the market.
The survey involves a random sample of U.S.-based Vanguard investors invited by email to participate. About 80% of the sample is drawn from our retail clients and about 20% from participants in employer-sponsored defined contribution retirement plans. To be included, investors also must have opted in to receiving Vanguard statements via email, be over the age of 21, and have total Vanguard assets of at least $10,000. Overall, this group holds about $2 trillion in assets at Vanguard. We receive about 2,000 responses from investors in each wave.
The first survey was conducted February 2017. It runs bimonthly in February, April, June, August, October, and December. A special survey was conducted in March 2020 during the market crash.