Tiller Money has conducted a new survey to investigate how attitudes about personal finances are changing as the coronavirus (COVID-19) spreads across the United States.
The new survey finds that 25 to 30 percent of Americans are rethinking how they save, invest, and track their financial lives because of coronavirus.
Likewise, 32 percent have become more conservative about using their money. And 30 percent are even evaluating new tools for tracking their financial lives.
The survey also finds that among people who have a financial advisor, 21 percent contacted that advisor with coronavirus concerns.
Key survey findings:
- 32% of Americans say they feel more conservative about using their money
- 25% say they’re rethinking their investing strategy
- 30% say they’re rethinking their saving strategy
- 30% say they’re rethinking how they track their financial life
- 26% say they’ve looked for new tools for tracking their financial life
- 11% say they’ve had to spend money because of COVID-19
Perhaps interestingly, more people are worried about getting coronavirus than being prepared for an 18-month recession (22% vs 12%).
Results come from a statistically accurate sample size panel conducted March 3 2020 of 400 people aged 18 to 54+ based in the United States via Pollfish. Full survey results, sample size data, and demographics available by request at firstname.lastname@example.org.
Q1. Regarding your financial life, has the COVID-19 outbreak made you:
|Feel more conservative about using your money||32%|
|No change to how you feel about using your money||65%|
|Feel less conservative about using your money||3.0%|
Q2. Because of the COVID-19, have you had to
|Spend more money||11%|
|Spend less money||15.5%|
|No change to spending money||74%|
Q3. Has the COVID-19 outbreak made you rethink your investing strategy?
|Does not apply to me||25%|
Q4. Has the COVID-19 outbreak made you rethink your saving strategy?
|Does not apply to me||14%|
Q5. Has the COVID-19 outbreak inspired you to rethink how you track your financial life?
Q6. Has the COVID-19 outbreak inspired you to look for new tools for tracking your financial life?
Q7. How financially prepared do you feel for an economic downturn lasting up to 18 months?
|1 – Least prepared||12%|
|5 – Most prepared||15%|
Q8. How concerned are you about getting COVID-19?
|1 – Most worried||22.5%|
|5 – Least worried||17%|
Q9. Have concerns about the impact of COVID-19 inspired you to contact your financial advisor?
Note: Among people who have a financial advisor, 21% said they contacted their advisor because of coronavirus concerns.
|Yes – I have a financial advisor, and HAVE contacted them because of COVID-19 concerns.||9%|
|No – I have a financial advisor but have NOT contacted them because of COVID-19 concerns.||32%|
|I do not have a financial advisor||59%|