Finances were definitely impacted by the pandemic with more than 64% respondents needing to dip into savings in order to get by. Although nearly half cut their spending during the crisis, a quarter of those surveyed found themselves spending even more. A surprising 25% admitted they were unsure of their spending habits. Those who spent less were both financially forced to and had fewer ways to spend their money with lockdowns and changes in entertainment, travel, dining and other COVID-imposed shutdowns.
Taking another hit due to the pandemic? The ability to save money. Nearly 38% were unable to put aside any money into savings vehicles. The division of respondents investing, however, was nearly even.
It may be too soon to tell how COVID may have a long-term effect on the finances of respondents, although 25% claim the changes in their finances during the pandemic have permanently altered their financial habits.
Read the full article and see more results: COVID’s Impact on U.S. Employment Survey (2021)
About Joy Wallet
Joy Wallet, established in 2020, is a website dedicated to enabling others to take control of their finances. It provides readers with useful information, resources and tools to help readers maximize their financial fitness, covering topics on banking, investing, credit cards, mortgages and loans, retirement, insurance and much more. This survey of 395 Americans took place February 9 – 16, 2021. Learn more at JoyWallet.com.
SOURCE Joy Wallet