The COVID-19 pandemic has caused one of the largest economic downturns since the Great Depression, resulting in financial uncertainty for many Americans.
Highland recently surveyed 2,000 Americans to get a better understanding of their spending habits and personal finances during the COVID-19 pandemic.
Here’s what they found:
- 63% of Americans have cut back on spending during the pandemic.
- Top reasons for cutting back: 1. Being more cautious 2. Reduced income/salary 3. Staying home more often 4. Lost job 5. Spouse/partner lost job.
- Where Americans have cut back: 1. Dining out/takeout 2. Entertainment 3. Apparel 4. Travel 5. Transportation.
- Top reasons for spending more 1. Buying more food or groceries 2. Buying more household supplies 3. Started new hobby 4. Home improvement/renovations 5. Retail therapy.
- 63% have been living paycheck to paycheck, which is up 10% prior to the start of the pandemic.
- 27% of Americans say they’ve accumulated $10,000 or more in debt during the pandemic.
Take a look at the full report here.