The newest discovery that the Logica Future of Money Study uncovers is a paradox in money management during COVID-19. Below you’ll find some of the statistics revealed:
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Savings rates have been at an all-time high, while spending is down. At the same time, almost two-thirds of Americans are stressed about their financial situation, and the population is split on their ability to cover their expenses or not.
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41% of Americans are planning on paying down debt more in 2021, and 32% are planning on paying off monthly credit card bills.
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64% of Americans report stress about their financial situation.
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There will be an increased need for products such as high interest savings accounts, as well as a need for financial advice.
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There will be a change in the money mindset, as more employed Americans shift toward savings and underemployed Americans have more need for cash management and potential payment deferrals.
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