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Most Americans Reporting Greater Financial Confidence Than A Year Ago

Mon, 11 January 2021  |  pandemic spending 

Most Americans are reporting greater financial confidence, increased emergency savings, and more financial awareness, compared to the beginning of the COVID-19 pandemic according to the KeyBank 2020 Financial Resiliency Survey. The survey polled more than 1,200 Americans on their financial feelings after nearly a year of living through a pandemic, finding that 53% felt more financially confident approaching the end of 2020, compared to the beginning of the year; 51% would be able to immediately have $2,000 available in an emergency, up from 42% in 2019; and 48% felt more financially aware, as a result of challenges they might have faced during the pandemic.

Nearly half (41%) of respondents said they are spending less and saving more since the pandemic began, and among those who say they are doing so, 71% are spending less money on discretionary items—including travel, dining, and entertainment—which could be out of choice or necessity. Among those spending less, 14% say they are borrowing money from family or friends to help.

There are a wide range of factors that influence how Americans' are finding their financial resiliency, with the top response being a good night's sleep. The top three responses for feeling more financially resilient during the pandemic are getting enough sleep (38%), having access to financial information (36%) and using digital banking tools (35%).

When asked if they feel a greater sense of financial confidence as they approached the end of 2020, compared to the beginning of the year, 53% of respondents felt that was true, but confidence comes with a generational divide. Among Millennials and Gen Z (those age 35 and under), 60% felt a greater sense of financial confidence. Meanwhile, among those age 50 and over, 51% did not feel greater confidence. Part of this could be attributed to growing financial awareness among Millennials and Gen Z as a result of the pandemic, with 31% saying they felt they had become significantly more financially aware in 2020, compared to just 22% of all respondents.

With consumer spending habits changing because of the pandemic, financial "faux pas"—in other words, money missteps—are in decline, compared to last year. Overall, 50% of respondents admitted to committing some kind of financial "faux pas," a 4% decline from the previous year. One of the only rises in "faux pas" is a 3% year-over-year uptick in those who say they're paying for subscription services they don't use—from 22% last year to 25% this year—likely a result of people looking for more at-home activities and entertainment.

Source: KeyBank