Special update report on “The Consumer Money Mindset in the Time of COVID-19” shows continuing impact of pandemic on consumers’ financial lives
Why was the research conducted?To help financial brands and institutions better understand and serve their customers
How was the research conducted?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-seven (57%) percent of Americans report that they received a CARES Act stimulus check, with 55% spending the received monies, 48% saving, 7% investing.
- Similar to the Spring 2020 wave of this study, 67% of Americans report being stressed about their financial situation, with more women (70%) than men (62%) reporting increased stress.
- Slightly more people now report preparing for a recession (33% current, 31% spring 2020), with preparation activities including setting aside money (76%), eliminating expenses (46%), and picking up additional work (26%).
- In terms of how financial institutions can help, 62% of Americans would like to see assistance with their “wallet” with activities like fee elimination and payment deferral. Forty-three percent would like more service and advice from financial brands, and 17% would like more communication.
Contributor's Name: Michelle Andre