No one could have predicted the extent of the COVID-19 pandemic and the ensuing financial fallout for so many Americans. While essential workers continued to provide critical services to their communities and the country at large, many Americans spent late spring and early summer in the confines of their homes.
These months were ripe with paradoxes. Some transitioned to full-time remote work, while millions faced unforeseen job loss. Similarly, many were able to save at record rates, while others planned to tap their retirement accounts to come up with extra cash. Together, Stash and LendingTree set out to paint a full picture of Americans’ personal finances during the peak of the pandemic. How financially prepared were Americans, did spending and saving behavior change, and what did all of this look like across generational, gender, and racial lines?
Released today is the first installment of the joint study, providing a close look into Americans’ financial preparedness and the varying economic challenges they faced between March and July of this year. View a detailed look at the survey findings via the link below, and check back over the next few weeks as parts two and three of the study are released.
Part one of the three-part series digs into Americans’ financial preparedness. In fact, 4 in 10 Americans said they were not financially prepared for COVID-19 and its economic impact.1 Click here to view more.
Part two of the three-part series reveals that more than 4 in 10 consumers spent less during the pandemic, but not everyone had that luxury.1 Click here to view more.
Part three of the the three-part series uncovers that more than 1 in 5 Americans started investing during the pandemic.1 Click here to view more.
As always, be sure to visit Stash Learn’s COVID-19 Resource Center for up-to-date information on how to manage your finances during this time.
Stash is a Paid Partner of LendingTree, LLC NMLS# 1136. LendingTree is a minority Shareholder of Stash.
1This survey was conducted online within the United States by Stash and LendingTree using SurveyMonkey technology in August 2020. The survey was completed by 4,955 people.
Investment advisory services offered by Stash Investments LLC, an SEC registered investment adviser. This information is for informational and educational purposes only, represents an assessment of the market environment as of the date of publication, is not intended as investment, legal, or tax advice, and is subject to change without notice. The information should not be relied upon by the reader as research or investment advice regarding any issuer or security in particular.