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Study Shows That Less Than Half of Americans Are Worried About Money Despite COVID-19 Pandemic

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Piggy Bank with Business Stuff | Study Shows That Less Than Half of Americans Are Worried About Money Despite COVID-19 Pandemic | Featured

A new Bankrate study shows that less than half of American adults feel worried about money despite the COVID-19 pandemic. This number went down from 56 percent who said they had felt worried about money last year.

According to Fox Business, for the 47 percent who currently worry about money issues, “23 percent said their cause of stress revolved around everyday expenses.” Bankrate noted that this went down “from the 32 percent who said the same last year.”

“In the context of the worst unemployment crisis since the Great Depression, it’s shocking the figures aren’t far worse,” Bankrate’s industry analyst Ted Rossman said. “Government stimulus programs are helping, and many who are currently out of work seem confident they will soon return. It also helps that the economy was in good shape prior to the COVID-19 pandemic.”

Apart from usual expenses, saving enough for retirement seems to worry Americans as well. Nineteen percent said it keeps them awake at night. However, this stands at five percent less than the figure recorded last year.

The third most worrisome trouble is health care or insurance bills at 17 percent – down from the 22 percent who reported last year.

The fourth one is paying a mortgage or monthly rent bill – now at 14 percent, down from 18 percent in 2019.

“I’m really surprised Americans are more upbeat this year than they were last year,” Rossman said. “Right now, we’re experiencing some of the greatest societal, health and monetary challenges of our lifetimes. Yet in the face of all that, our survey found consistent improvement from last year.”

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