The pandemic has had a significant impact on consumers' finances, as many experienced a loss of income or a financial fluctuation over the last year:

37% of the general population said their financial situation has gotten worse over the last year, with 16% reporting a job loss, furlough or loss of income over the last 12 months.
20% said they had less disposable income, which is consistent among Black (23%) and Latinx (25%) respondents.

Still, consumers feel more optimistic about their financial future and are taking actionable steps to improve their financial health:

65% of the general population believe they are currently in good financial health.
51% of the general population is focusing on improving their savings, 39% on eliminating debt.
24% of Black and Latinx respondents said that they've taken action to improve their credit, compared to 19% of the general population.
Survey respondents all agreed that their top financial goals in the past year included paying bills in full and consistently each month.

Additionally:

32% of the general population indicate developing or maintaining a budget that works for them as a primary goal.
Black (20%) and Latinx (22%) respondents listed getting their finances in order to purchase a home as a financial goal, compared with 14% of the general population.
Black (16%) and Latinx (14%) respondents plan to start a business this year, compared to 9% of the general population.

"Small steps matter," Bailey said. "From saving a little more each month to monitoring your credit score — these steps help consumers prepare for the unexpected, while also setting them up for success in the long run."

Instant Insights /

Pandemic Side Effect: Americans Thinking More About Money & Their Future

Related Stories

Recommended For You