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Consumers Financially Optimistic After Difficult Year

Thu, 29 April 2021  |  consumers 

Nearly half of U.S. consumers think that their finances will be better off in the next year, as nearly a third saw improvements in their spending habits and savings, according to a new survey from Chase. Optimism is slightly higher among Black (54%) and Latinx (49%) respondents as many have taken action to improve their credit, spending, or earn a second income.

The new Chase Financial Health Consumer Study—conducted in partnership with Morning Consult—surveyed more than 5,000 U.S. consumers on the state of their finances, attitudes towards saving and budgeting, and actions they’ve taken to improve their financial health. The survey polled consumers across all demographics and took a closer look at the financial goals and impacts among Black and Latinx consumers – populations hardest hit by the economic impact of the pandemic.

Unsurprisingly, 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 that 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 that 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.
• Black (54%) and Latinx (49%) respondents are more optimistic about their finances this year, slightly higher than the general population at 48%.
• 51% of the general population are 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.

• Black (21%) and Latinx (19%) respondents started a new business or side hustle in the last year, compared to 11% of the general population.

More than half of consumers used or plan to use their stimulus checks to pay essential bills

• 53% of the general population used funds to pay bills, like utilities, credit card or their phone
• 36% put money toward savings
• 30% paid down debt
• 22% paid rent or mortgage
• 10% put money toward a ‘nice to have’, like entertainment
• 7% donated to a cause

Paying bills on time, budgeting are top financial goals this year

Survey respondents all agreed that their top financial goals in the past year included paying bills, like utilities, as well as their mortgage 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.

The majority of consumers think it’s important to save, but fewer are confident in their ability to do so

• While 83% of the general population agree it’s important to budget for long-term finances and emergency savings each month, fewer (76%) are confident in their ability to do so, and 62% felt confident in their ability to set aside money for retirement.
• Income is the biggest driver in the availability of emergency funds. Black (34%) and Latinx (36%) respondents indicate they don’t have enough money to support them if they become unable to work.
• While many Baby Boomers are at or near retirement age, fewer than half (48%) have enough financial resources to support them if suddenly unable to work for more than four months.

Consumers equally value in-person advice, digital tools when looking to improve financial health

• 34% of the general population prefer a digital tool that helps them budget or automatically save, consistent with a third who prefer expert advice or interaction with a banker.

Source: Chase