The second wave of a special weekly report snapshot of the Logica Research Future of Money Study was released today.
Why was the research conducted?The report provides actionable, current insights to organizations to help improve people's financial lives as they navigate the upheaval of COVID-19.
How was the research conducted?The insights in this Future of Money snapshot report are based on an online survey of 1,000 U.S. Adults 18 and over, balanced on gender, income, and generation. The report also includes an augment of 200 older Gen Zers (16-23), not included in total. Results are not weighted.
What are the key findings of the research?-Almost one-third of Americans (31%) report preparing for a recession, though fewer women than men are prepared (26% of women vs. 36% of men).
-The top three ways Americans are preparing for a recession is by setting aside money (76%), eliminating expenses (52%), and looking for additional work (23%). They also are changing investments (20%), moving investments to cash (15%), seeking financial advice (13%), borrowing money from friends/family (6%) or applying for a loan (5%).
-One in five (20%) Americans don’t have enough savings to cover a month of expenses. More women than men fall short of having enough money to cover a month of expenses (24% of women vs. 15% of men).
-Just over half (54%) of Americans have enough income to cover their monthly expenses but the other half have just enough to cover their monthly expenses with nothing leftover (29%) or end up short (17%).
Contributor's Name: Michelle Andre