N26, the mobile banking platform that is changing the way U.S. consumers bank, released new survey results that reveal how Americans perceive their financial health in the wake of COVID-19 and ahead of the holiday season. The findings highlight that 37% of respondents report being happy with their financial health and 26% feel in complete control of their finances. However, 33% of Americans feel differently about their finances during the holiday season with 82% saying the upcoming holidays contribute to feelings of stress, making them feel at least a bit more anxious. In fact, over a fifth (22%) are more anxious about the upcoming holiday season than they are about the result of the upcoming U.S. presidential election.
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The survey, which captured data from over 2,000 adults across the U.S., found people’s mental wellbeing has also been impacted, with 49% reporting they are feeling generally more anxious now than at the same time last year. A quarter consider COVID-19 to be the main factor towards their shift in mental wellbeing, followed by family (15%), and then finances (14%)(N26 ).
The new findings also highlight a shift in consumers’ spending habits, with 42% of Americans spending less this year on holiday decorations despite spending more time at home, and over 40% saying they plan to buy gift cards as their primary gift choice for the 2020 holidays. The survey also suggests that Americans are more likely to receive a gift from a coworker or boss this holiday rather than from a friend, with a quarter (25%) of respondents planning to cross their friends off their holiday gift list first.
Additional key takeaways from the survey include:
Financial Silver Lining: Despite a global pandemic, 37% of Americans are happy with their financial health, with 38% even saying it’s better this year compared to last. Why? 36% of respondents spent less money on dining out, 35% saved money by going out less due to COVID-19 (35%), and 31% felt less social pressure to spend money.
Gift Buying in 2020: Almost a third (31%) of respondents are planning on doing all their shopping online, spending an average of $408.42 this holiday season, a similar amount this year compared to last. A third (34%) plan to reduce their amount of cash handling this year, and another 29% will use contactless for any in-store payment(N26 ).
Holiday Season Feelings: Over a third (36%) of Americans are less positive this holiday season compared to last year, with their top concern being the health of themselves and of a loved one (48%), followed by the uncertainty of not being able to see family (40%).
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