If you’ve stepped back to review your finances during the pandemic, you’re certainly not alone.
A new survey revealed that 58% of Americans have “completely” changed their thinking about money due to the pandemic and almost as many (56%) believe their concept of financial well-being has changed since the pandemic. .
The survey of 2,000 Americans explored the impact financial well-being has on their physical and mental health.
In fact, the pandemic caused 48% to increase the amount of money they think they need in their emergency or emergency fund.
Carried out by OnePoll on behalf of Capital one, the survey found that respondents added one month of emergency expenses to their savings (an average of five months before the pandemic to six months now).
3 out of 10 respondents said their main financial struggle is establishing good spending habits, so it’s no wonder the top habit they want to change is spending on items they don’t really need (44%).
Impulsive spending is another habit that two in five respondents are trying to break, with 41% even saying they made impulsive purchases during the pandemic they lamented.
29% of these respondents blamed pandemic-related stress for their impulsive spending, which cost an average of $ 162 per expense.
And while men were less likely to make impulse purchases than women, they were often more expensive, with more than 1 in 4 (27%) spending more than $ 250 on their impulse purchase.
“After living through the last year and a half, one of the most important things we’ve learned is that there is no ‘one-size-fits-all’ wellness approach,” said Lia Dean, President, Retail Banking Products & Premium Cards, Capital One. “People have always been stressed about money, perhaps never more than now, so we want to create a world where our clients can save more and live fully without losing sleep over their finances.”
Nearly 3 in 10 (29%) respondents believe that their credit score is the strongest indicator of their financial well-being, followed by the ability to pursue their financial goals without worry (19%).
1 in 5 respondents used the pandemic to start a new savings goal as they strive for a healthier financial future.
As they look ahead to the next year, some of the top goals for Americans include starting an emergency fund (39%), paying off their credit card (34%), and starting saving for retirement (24%).
With all these financial firsts and new goals in mind, 33% of respondents are confident that they could truly become a “finfluencer” to advise their family and friends on financial decision making.
FIRST FIRST PANDEMIC FINANCIAL
Made a new savings goal: 20%
Prioritizing my mental health with therapy, meditation, or other ritual: 19%
A side hustle started – 18%
Started exercising regularly – 17%
Invest in stocks – 12%
Started an emergency fund – 12%
Applied for a credit card – 11%
Invest in cryptocurrencies – 11%
Started a 401k – 5%
Applied for a mortgage – 4%
Began consulting with a financial advisor – 3%
BEST GOALS FOR THE NEXT 12 MONTHS
Start an emergency fund – 39%
Pay my credit card – 34%
Save for a great vacation – 29%
Start saving for retirement – 24%
Pay off student loans – 15%
Pay my mortgage – 9%
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