One in four Americans say someone in their household has lost a job during the COVID-19 pandemic and 61 percent are spending more money on groceries or take-out food. Those are just a couple of the findings in a recent Wells Fargo/Harris Poll survey to investigate the financial health of the U.S. The results show many people are facing financial challenges and changes due to the coronavirus pandemic.
Sixteen percent of those surveyed said they are providing financial support for adult children and 15 percent are caring for parents (either financially or physically). All of these can lead many to feel financial concern and a need to change how they manage their finances, pollsters concluded.
Many Americans are having to manage money differently during the pandemic as 44 percent say they have more cash in their bank accounts because their needs have changed, and nearly half of Americans (48 percent) have worried that recurring payments may cause them to overdraft.
However, the pandemic hasn’t had only a negative impact on Americans, as more than three in four (76 percent) say it has made them realize the importance of a monthly budget. Many also seem to be more in tune with the status of their personal finances during the pandemic, with 78 percent saying the pandemic has made them want to save more and 75 percent becoming more aware of the amount they spend on impulse purchases.
Most Americans remain hopeful with plans for spending in 2021 once a COVID-19 vaccine is more widely available. More than half (57 percent) say travel is among their main goals for spending in 2021 once the majority of Americans have been vaccinated. Others have more practical goals for spending in 2021, including saving for an unforeseen emergency (38 percent) or daily expenses in the event of job loss (28 percent). Some Americans are looking ahead to spending for recreation activities they may not have been able to do during the pandemic, such as dining indoors at their favorite restaurant (33 percent), returning to social activities like movies and parties (27 percent) and attending live events (24 percent). Roughly one in five Americans (19 percent) say once the COVID-19 vaccine is available, buying clothes is among their main goals for spending money in 2021 — they are done with sweats.