Sixty-two percent of Americans ranked continuing to afford housing and basic necessities as a top financial goal
Charlotte, NC — June 22, 2020 — It’s been nearly four months since the coronavirus outbreak shuttered economies across the U.S. At the height of restrictions in March and April, more than 320 million Americans were under shelter-in-place or stay-at-home directives. As states have begun to relax restrictions and local economies reopen, a new survey from NextAdvisor, a new personal finance news site launched in partnership with TIME, finds more than half of Americans (51%) are at least somewhat anxious about their financial situation following the COVID-19 outbreak. Click here for more information:
Survey: Most Americans Are Feeling Anxious About Their Money
The top causes for anxiety among Americans included lack of savings (35%) and loss of employment (31%), though causes varied among different age groups. Lack of saving was the most cited source of anxiety for Gen X Americans (ages 40–55) at 42%, while 38% of younger millennials (ages 24–30) and 39% of older millennials (ages 31–39) also identified it as their biggest worry. For those in Gen Z (ages 18–23), loss of employment/income was the most cited cause of anxiety (40%), while younger boomers (ages 56–65) answered planning for retirement most frequently (35%).
“This is an unprecedented time of financial stress,” says Adam Auriemma, editor-in-chief of NextAdvisor. “Working in partnership with TIME, our goal is to make NextAdvisor a source of information and inspiration for anyone trying to determine their next best money move.”
Twenty-nine percent of Americans said their personal financial situation has been negatively impacted since the Covid-19 outbreak began. Of those, more than one in three (36%) say that they or someone in their household have been impacted by a layoff or furlough. A third of Americans (33%) are not at all or not very confident that they know how to get financial help or assistance if needed.
The study also showed a drastic shift in goals from January 2020 to June 2020. When asked to think back to January, top goals included being able to pay for housing and basic necessities (21%), saving for future emergencies (15%), and paying off credit card debt (14%). At the time of the survey in June 2020, top goals included being able to pay for housing and basic necessities (32%, up 11% from January), saving for future emergencies (19%, up 4% from January), as well as planning and saving for retirement (13%).
Nearly six in 10 Americans (59%) expect it will take six months or more for the economy to return to normal, with 21% answering they believe it will return to normal in six months to a year, 24% answering they believe it will take one to two years, 14% answering two years or more. An additional 13% do not believe it will ever return to normal.
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NextAdvisor commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,562 US adults (aged 18+). Fieldwork was undertaken June 1–3. The survey was carried out online and meets rigorous quality standards. It employed a non probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
NextAdvisor has partnered with TIME to help consumers secure their financial futures and achieve long-term financial success. NextAdvisor offers expert advice on time-tested strategies, fresh insight on changing market conditions, and analysis of the latest financial tools and resources. Offering relevant tools and product options to help support consumers in identifying next steps in their decision-making process across multiple categories including savings, deposits, loans, and mortgages. For more information, visit www.time.com/nextadvisor and @NextAdvisor.