Americans Rethinking Their Finances Post-COVID-19

The COVID-19 crisis has had Americans rethinking a lot of things, and apparently that includes their finances. According to a study conducted by OnePoll, on behalf of Self Financial,

  • 71% of Americans say the crisis forced them to reconsider how they are planning financially for their future.
  • 59% say it actually derailed their plans and dreams.
  • Because of the crisis, folks have set some priorities when it comes to their future including:
    • Becoming debt free (41%)
    • Moving out of the city (31%)
    • Getting a car (31%)
    • Buying a house (31%)
  • When it comes to emergency funds, the average person is planning to set aside $4,300.
  • Until that happens, 52% will rely on credit cards to get them through the pandemic, with 54% worried they’ll max them out. 

The coronavirus crisis has also motivated people to watch their expenses.

  • 70% of people say they drastically cut back their spending when they went into quarantine.
  • Of those who did cut their spending, 85% plan to continue to watch their spending once the crisis is over.
  • Expenses they plan to cut back on include:
    • Order food for pick up or delivery (36%)
    • Clothes, shoes and accessories (36%)
    • Entertainment (34%) 

Source:SWNS Digital

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