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
Our personal finance decision data is based on an online survey of 2,013 US adults over the age of 18 commissioned by Finder and conducted by Google Surveys from March 16, 2020 through March 18, 2002. Participants in both surveys were users on websites in the Google Surveys Publisher Network and were unpaid.
We assume the participants in our surveys represent the US population of 255.2 million Americans who are at least 18 years old according to the July 2019 US Census Bureau population estimate. This assumption was made at the 95% confidence level with a 2.44 margin of error for the personal finance survey.
Our personal finance decision survey asked people whether they are planning to do any of the following in the next three months, with the possible choices Sell shares, Buy shares, Sell property, Buy property, Put money into a savings account, Take money out of a savings account, and None of the above.
We define geographical regions as defined by the US Census Bureau.
For all media inquiries, please contact:
Richard Laycock, Senior content manager & insights editor
Richard Laycock is Finder’s NYC-based senior content manager & insights editor, spending the last decade data diving, writing and editing articles about all things personal finance. His musings can be found across the web including on NASDAQ, MoneyMag, Yahoo Finance and Travel Weekly. Richard studied Media at Macquarie University, including a semester abroad at The Missouri School of Journalism (MIZZOU).
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