Voya Financial, announced new findings from a consumer survey, that reveals that the COVID-19 pandemic continues to influence the majority of Americans’ (89%) daily decisions, including who they see, where they go and what they do — with few individuals (31%) expecting a “return to normal” during the fall or even later this year. As an example of how priorities have shifted, Voya’s survey also found that individuals are two times as likely to prefer cleaning and sanitizing their home (50%) than to review personal finances and investments, such as a 401(k) retirement savings account (25%).
“Our latest survey shows that — understandably – Americans are prioritizing their most pressing needs and are also changing the way they’re thinking about their personal finances,” said Charlie Nelson, chief executive officer, Retirement and Employee Benefits, Voya Financial.
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As a result of COVID-19, Voya’s survey notes that more than half (58%) of individuals are more likely to save money for a possible emergency and spend less on non-essential items (56%). An overwhelming majority of individuals also continue to believe that “staying the course” (83%) with their investments during a volatile market, and having a long-term view (78%) is important or extremely important.
According to prior research conducted by Voya in 2019, Americans are increasingly looking to their employers for help with health and financial wellness needs. Voya’s study revealed that half 50% of employees believe emergency fund assistance to be an important benefit in the workplace — with health savings accounts (54%), supplemental life and disability insurance 65% and critical illness insurance 60% also ranking as extremely or very important.
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