New white paper developed to provide advice for brands in response to the pandemic’s impact on consumers’ financial lives
Why was the research conducted?To help financial brands and institutions better understand and serve their customers during the global crisis.
How was the research conducted?The newest insights in the paper are based on data collected from a nationally representative group of 1,000 American adults balanced on gender, income and generation. An additional 200 older Gen Zers (age 16-23) were also included for generational comparisons.
What are the key findings of the research?
- -Fifty-one percent of Americans report that their banking behaviour has changed since the new coronavirus with 25% using their mobile banking app more.
- -Almost one in five Americans are using peer-to-peer payments more now than before COVID-19, with Gen Z and Millennials leading the way.
- -Future planning has been impacted with 26% of working Americans planning to postpone retirement with 40% unsure as to whether they will retire at the same time they planned to before March 15th.
Contributor's Name: Michelle Andre