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As the COVID-19 pandemic drags on, more and more people across the country are reporting the negative impact on their physical, emotional, mental and financial health. A recent survey conducted by Freedom Financial Network reveals a disturbingly large number of Americans are worried about their financial situation.
That is Michael Micheletti, Direct of Corporate Communications for the Freedom Financial Network. He says financial stress is reflected in the survey’s other findings. Respondents are seeking or considering seeking help for symptoms of anxiety or depression. But the loss of affordable healthcare and limited access to quality care bring added challenges.
Although the negative impact is widespread, Micheletti says one demographic segment is being hit harder than all others.
Other groups, mainly those of the Gen Zers, millennials and Gen Xers all have more than 50 percent reporting they feel good or very good about the economic conditions in the U.S., but around a third say it has had a high impact on their current financial situation. Other survey findings include a shift in saving behavior with 92 percent wanting to keep cash on hand while 31 percent are still drawing on their pandemic relief check issued earlier this year. In looking ahead, 46 percent say they will focus on saving money for emergencies, 44 percent will look for additional sources of income, 43 percent plan on spending less this holiday season and 40 percent are putting major vacations on hold, with nearly six in 10 adults reporting spending less or nothing at all on vacations this year due to the pandemic. The Freedom Financial Network survey data can be found by clicking below.
FFN-Tracker-Oct-2020