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America’s Financial Wellness During the Pandemic

As our lifestyles and routines changed during the COVID-19 pandemic, so did our approach to money. Travis Credit Union surveyed 2,000 American consumers to learn more about their approach to money — how they approached spending and savings during the pandemic, and how they plan to use it in the future. 50% of respondents said they spent less money during the pandemic than did they previously.  Top reasons for spending less: 1. Financial uncertainty due to COVID-19 2. Fewer opportunities to spend money 3. Job loss caused them to re-evaluate their spending. 33% of respondents reported spending more during the pandemic than they had originally budgeted for. Top reasons for spending more money: 1. Stress or anxiety 2. Doing it unconsciously 3. Boredom.

One area that Americans cut back on during the COVID-19 pandemic was big purchase items. Many people cut back on spending money on travel, buying a car or home, home improvements among other areas. Despite this, many American’s are optimistic about the future. 81% believe their financial situation will improve over time with many planning on cutting back on their spending and increasing their savings.

American

Matt Zajechowskihttp://www.digitalthirdcoast.net/
MATT is passionate about all things search engine optimization (SEO) with a strong focus on link building, local search, social media and content creation and promotion. He takes a great deal of pride in helping our clients obtain more digital visibility. Matt's core career background is link building. Link building constantly forces him to adjust strategies and explore different strategies for different clients. He also has a great deal of interest in social media and how businesses use it to market themselves. It's an emerging trend that he enjoys studying. Matt is always trying to learn more about the ever-changing search industry.

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