Saving For the Worst: Financial Plans Changing Drastically During the Pandemic

Saving money

By Lauren Bringle, AFC®

With unemployment rates skyrocketing while bills pile up, it’s no surprise Americans are worried about their finances.

To better understand how the pandemic is impacting people’s long-term financial plans, we conducted a survey of 2,000 Americans.

The results?

People are placing a greater focus on building savings, cutting back expenses, and using credit to get by now more than ever.

__Key takeaways: __

  • 37% of respondents said their perspective towards emergency savings funds has changed since COVID-19 hit, with the average American now aiming to save $4,300 towards a “just in case” fund.
  • Men (50%) were more likely than women (37%) to say they made drastic cutbacks to their spending when quarantine first started. Though both men and women equally (47% each) agreed the category they decreased spending in the most was clothing, shoes and accessories.
  • 52% of Americans admitted to relying on credit cards to make ends meet during the pandemic. And 54% worry they’ll max out their credit cards too.

Bottom line?

71% of respondents said the COVID-19 pandemic has forced them to seriously reconsider their financial habits and future financial plans.

To see how else people are adjusting their spending habits and attitudes during the pandemic, download the complete survey results here.

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Written on August 26, 2020
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Disclaimer: Self is not providing financial advice. The content presented does not reflect the view of the Issuing Banks and is presented for general education and informational purposes only. Please consult with a qualified professional for financial advice.

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