37% Americans Are Happy with Their Financial Health
The economic harm caused by the pandemic is not being felt equally by all Americans. While some have faced economic stress from the beginning others – particularly those who can work from home – have weathered the crisis reasonably well. A new survey from mobile banking platform N26 adds some detail to the picture.
N26 has released new survey results that reveal how Americans perceive their financial health in the wake of COVID-19 and ahead of the holiday season.
The findings highlight that 37% of respondents report being happy with their financial health and 26% feel in complete control of their finances.
However, 33% of Americans feel differently about their finances during the holiday season with 82% saying the upcoming holidays contribute to feelings of stress, making them feel at least a bit more anxious.
In fact, over a fifth (22%) are more anxious about the upcoming holiday season than they are about the result of the upcoming U.S. presidential election.
A quarter consider COVID-19 to be the main factor towards their shift in mental wellbeing, followed by family (15%), and then finances (14%).
The new findings also highlight a shift in consumers’ spending habits, with 42% of Americans spending less this year on holiday decorations despite spending more time at home, and over 40% saying they plan to buy gift cards as their primary gift choice for the 2020 holidays.
The survey also suggests that Americans are more likely to receive a gift from a coworker or boss this holiday rather than from a friend, with a quarter (25%) of respondents planning to cross their friends off their holiday gift list first.
Additional key takeaways from the survey include:
Financial Silver Lining: Despite a global pandemic, 37% of Americans are happy with their financial health, with 38% even saying it’s better this year compared to last. Why? 36% of respondents spent less money on dining out, 35% saved money by going out less due to COVID-19 (35%), and 31% felt less social pressure to spend money.
Gift Buying in 2020: Almost a third (31%) of respondents are planning on doing all their shopping online, spending an average of $408.42 this holiday season, a similar amount this year compared to last. A third (34%) plan to reduce their amount of cash handling this year, and another 29% will use contactless for any in-store payment.
Holiday Season Feelings: Over a third (36%) of Americans are less positive this holiday season compared to last year, with their top concern being the health of themselves and of a loved one (48%), followed by the uncertainty of not being able to see family (40%).
Presidential Election Worries: Over 80% of respondents are worried about how their finances will be impacted as a result of the upcoming presidential election, and over 2 in 5 (43%) think their finances will be more impacted if Republican incumbent President Donald Trump wins over Democrat former Vice President Joe Biden.
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