Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
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%).
For media inquiries:
Public Relations Manager
More guides on Finder
5 must-read VA home loan tips from the experts
Find insight on VA home loans from experts. Learn what to do if you are denied and the data behind VA loan denials.
Finder’s Bitcoin Predictions Report: December 2020
58% of panelists expect the Bitcoin bull run to last until at least the second half of 2021.
Energy costs by state
Which states have the most expensive and cheapest energy costs?
Best and worst states to retire
The best and worst states to retire based on affordability; crime and poverty; culture; weather and location; and health and wellbeing.
Best and worst states for women in the US
How states compare on employment, earnings, poverty, education, health and wellbeing.
Black unemployment rates by state
Finder analyzes which states have the highest and lowest rates of employment for Black and African Americans.
Financial infidelity in America
Have you ever lied to your S.O. about your finances?
Most fashionable cities in the US
Is your town on fleek, c’est chic or just plain meek? Finder explores the most fashionable cities in the United States.
Most streamed show of 2020: ‘The Office’
Hint: It stars America’s favorite boss.
Best and worst states for Social Security Disability approval
Finder analyzes the easiest and hardest states to get disability in America, rating the top 5 best and worst states for disability approval.
Ask an Expert