How The Pandemic Alters Americans’ Financial Habits

The coronavirus pandemic has thrown millions of Americans into chaos, negatively affecting financial well-being alongside physical and mental health. As unemployment rates soar and money insecurities abound, a new NerdWallet survey finds almost half of Americans (48%) are indeed feeling less confident about their finances due to COVID-19. Key findings

• 48% say they are feeling less confident about their finances due to COVID-19
• 69% say COVID-19 has negatively impacted their household income
• 36% say they plan to use/ have used their stimulus check to save and invest
• 36% say they plan to use/ have used their stimulus check to pay for necessities
• 73% say they have concerns about buying a home in 2020 due to the COVID-19 pandemic
• 34% say their top concern is the ability to tour potential homes safely
• 20% say they purchased travel insurance for leisure trips before COVID-19
• But 45% say they’re likely to buy travel insurance for leisure trips after the COVID-19 pandemic
• 41% say they are saving more money now than they were before the COVID-19 pandemic
• 20% say they are saving less now
• 48% say they are spending less now than they were pre-pandemic
• 24% sat they are spending more now than before the pandemic
• 36% say they’ve changed how much they’re investing due to the pandemic

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