WASHINGTON—Despite the financial fallout and uncertainty caused by the coronavirus, nearly half of Americans said they feel financially prepared for its effects, according to a new survey from Clutch, a B2B ratings and reviews platform.
In contrast, 33% of Americans felt financially unprepared for the economic downturn that resulted from the pandemic.
Thirty-seven% of Americans said they saved the same amount of money from their paychecks during the pandemic, which suggests their budgeting and spending habits weren't directly impacted, Clutch reported.
Other findings from the study:
- Nearly 60% of Americans spend the majority of their paychecks on housing
- About half of Americans create personal budgets at least every six-seven months
- Only 20% of Americans are saving more than they were pre-COVID-19
- Nearly 60% of Americans (58%) are comfortable creating a personal budget, but only a small percentage revise their budgets throughout the year to adjust for changes in income or the economy
- In the past year, 20% of Americans created a new budget at least once a month, with Millennials (34%) and Baby Boomers (31%) updating their budgets most often