A new survey from Joy Wallet reveals how the COVID-19 pandemic has impacted personal finances of Americas. Nearly 400 adults across the U.S. answered a series of questions about the pandemic and their personal finances.
Results of the survey found 73% of respondents are still employed and 5% were able to find a new job during the pandemic. But the unemployment rate found in our survey was higher than the national average with 21% not working.
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Finances were definitely impacted by the pandemic with more than 64% respondents needing to dip into savings in order to get by. Although nearly half cut their spending during the crisis, a quarter of those surveyed found themselves spending even more. A surprising 25% admitted they were unsure of their spending habits. Those who spent less were both financially forced to and had fewer ways to spend their money with lockdowns and changes in entertainment, travel, dining and other COVID-imposed shutdowns.
Taking another hit due to the pandemic? The ability to save money. Nearly 38% were unable to put aside any money into savings vehicles. The division of respondents investing, however, was nearly even.
It may be too soon to tell how COVID may have a long-term effect on the finances of respondents, although 25% claim the changes in their finances during the pandemic have permanently altered their financial habits.
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