Bostonians say they're feeling stressed amid recession fears
With uncertainty about tariffs, a dropping stock market and fears of a recession, workers in Boston's financial district are keeping a close watch on their wallets and their jobs.
Many say they're nervous about the economy
"Right now it's one of those times to sit back and wait it out," Dan Cusack said.
"I think everyone around me is nervous about the cost of living; it's already really high in Boston," Nell Douglass said.
Larry Glazer is managing partner at Mayflower Advisors, a wealth management firm based in Boston. "There's an old cliché that markets climb a wall of worry, and there is a very big wall to climb right now," Glazer said. He said the news out of Washington about tariffs uncertainty is making it very difficult for businesses to plan.
He says another thing on people's mind is job security, especially in the fields of education, technology, and life sciences.
Assess your individual situation
"Beyond simply retirement portfolios, it's important to take an assessment about whether or not your job is at risk. If you have stable employment, you can take advantage of these opportunities, but if you're worried about your job prospects, it's difficult to take advantage of this," he said.
Kevin Riley, 78, from Jamaica Plain has retirement on his mind. The recent stock market fears are on his mind, but he feels he's protected from any financial downfall. "I am fortunate enough where I have made some wise moves in the past, where no, I'm not worried about my personal retirement at this point. The thing I am worried about are the younger people," he said.
And while many consumers feel stressed, Glazer says when the economy rebounds, there are a lot of benefits. "Keep in mind, when the dust settles, we are going to have lower taxes, less regulation and, likely, lower interest rates and lower energy prices, which will be good for the consumer. But many consumers feel stretched because of the high cost of living in the Boston area," he said.
