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Retail Industry Updates

Number of Americans Who Haven’t Changed Their Spending Habits During Pandemic Might Surprise You

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Many Americans are now reporting greater financial confidence, increased emergency savings and more financial awareness compared to the beginning of the COVID-19 pandemic, according to the recent KeyBank 2020 Financial Resiliency Survey.

The 2020 Financial Resiliency Survey polled more than 1,200 Americans on their financial feelings after nearly a year of living through a pandemic. Here are some key findings:

53% felt more financially confident approaching the end of 2020, compared to the beginning of the year.

51% would be able to immediately have $2,000 available in an emergency, up from 42% in 2019.

48% felt more financially aware, as a result of challenges they might have faced during the pandemic.

Given the major toll that the pandemic has taken across the country — from lost income to sickness and loss of loved ones — Americans have demonstrated strength under pressure, ability to respond to a tough economic environment and resilience in the face of financial hardship, according to Cleveland-based KeyBank, one of the nation’s largest bank-based financial services companies.

The survey also found that nearly half (41%) of respondents said they are spending less and saving more since the pandemic began, and among those who say they are doing so, 71% are spending less money on discretionary items — including travel, dining, and entertainment — which could be out of choice or necessity. Among those spending less, 14% say they are borrowing money from family or friends to help.

Still, 42% of respondents say they have not changed their spending habits during the pandemic, pointing to resilience in Americans’ confidence to spend, the findings surmised.

“Many people are seeing their financial journeys disrupted by the pandemic, and they are taking action to keep a sense of financial normalcy and resiliency during a trying economic time,” said Chris Manderfield, executive vice president at KeyBank.

The online survey of adults received 1,204 respondents between Sept. 30 and Oct. 2, 2020.

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