The COVID-19 crisis has had Americans rethinking a lot of things, and apparently that includes their finances. According to a study conducted by OnePoll, on behalf of Self Financial,
- 71% of Americans say the crisis forced them to reconsider how they are planning financially for their future.
- 59% say it actually derailed their plans and dreams.
- Because of the crisis, folks have set some priorities when it comes to their future including:
- Becoming debt free (41%)
- Moving out of the city (31%)
- Getting a car (31%)
- Buying a house (31%)
- When it comes to emergency funds, the average person is planning to set aside $4,300.
- Until that happens, 52% will rely on credit cards to get them through the pandemic, with 54% worried they’ll max them out.
The coronavirus crisis has also motivated people to watch their expenses.
- 70% of people say they drastically cut back their spending when they went into quarantine.
- Of those who did cut their spending, 85% plan to continue to watch their spending once the crisis is over.
- Expenses they plan to cut back on include:
- Order food for pick up or delivery (36%)
- Clothes, shoes and accessories (36%)
- Entertainment (34%)