Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

How COVID-19 is impacting America’s financial decisions

Survey Finds how 69 million Americans plan to move financially in the next quarter.

The coronavirus outbreak threatens to wreak havoc on just about every aspect of our lives, from our jobs and the stock market to the basic ability to go outside and interact with other humans. Another change brought on by COVID-19: What we’re doing with our money, according to a recent Finder survey.

More than a quarter of Americans (27%) say they plan to change what they do with their money in the wake of the coronavirus. That’s about 69 million American adults — which, for a global perspective, is more people than there are citizens in 205 out of 235 countries and territories around the globe.

What reactionary financial decisions are we making?

The most common financial decision for Americans in the coming quarter is saving money, with 12.69% planning to squirrel money away into a savings account. Other common decisions include selling shares (8.21%) and selling property (4.98%).

Men more likely than women to make financial changes

Almost a third (29.90%) of American men plan to make a financial decision in response to the coronavirus compared to about a quarter (24.33%) of women.

As far as how they’re changing financial behaviors, men are more likely to sell shares, buy shares and buy property, whereas women are more likely to put money into savings, sell property or take money out of savings.

Your age affects what you’re doing with your money

Putting money into savings is the most popular choice for those ages 65 or older, with 15.68% of this age group saying they plan to stash money in a savings account. Those ages 18 to 24 are most likely to play the stock market, with 9.73% planning to sell and 5.95% planning to buy shares.

People in the Midwest making the most financial decisions

Those living in the Midwest are playing with their financial habits more than people in other regions, with nearly a third (30.90%) saying they’re looking to address their finances in the next three months.

Midwesterners are more likely to either put money into (14.16%) or take money out of their savings account (3.86%). Elsewhere in the country, people in the West are most likely to sell shares (9.34%) or their homes (6.32%), while those in the Northeast are most likely to buy shares (5.45%). More people in the South plan to buy property (2.60%).

Methodology

Richard Laycock headshot

For all media inquiries, please contact:

Richard Laycock, Senior content manager & insights editor

E: uspr@finder.com

in/richardlaycock/ /RichardLaycock_

More guides on Finder

Ask an Expert

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site