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Summary | 14 Annotations
While millions are still unemployed and many have seen their emergency savings run dry, it isn’t all necessarily negative. Many are saving more and spending less.
2021/03/25 14:15
In fact of those surveyed in a new CNBC + Acorns Invest in You survey, 46% said they are “more of a saver now” compared to before the pandemic.
2021/03/25 14:15
About half, or 49%, said their monthly spending has decreased, compared to 33% last year.
2021/03/25 14:16
“We learned how to go to the grocery store not every day, but once a week, which meant meal planning and shopping with a list and those are fabulous money-saving skills,” she said. “We learned which of our subscription services we actually watch and which ones we don’t.”
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“We have seen an uptick in an interest in investing,” said Sun, a member of the CNBC Financial Advisor Council. “They are seeing their checking accounts getting larger and they think that money is not earning enough for them.”
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“I didn’t realize how much money, especially in L.A., that I was spending on food and on my hair,” she said. “Once the pandemic hit, I had to start cooking for myself and doing my hair myself.”
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“I literally sat down one day and went through all my finances and made a spreadsheet,” Kelly said. “I got to really see the numbers and I was shocked.”
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She’s now putting money aside into an online savings account and her Roth individual retirement account. She’s also saving for a trip to France once the pandemic ends and ultimately wants to buy a condo.“I have all these buckets for savings,” Kelly said. “It just feels good because I can actually put money in it now.”
2021/03/25 14:16
Of those who said they cut spending, 53% said worry about the current economic situation was the reason they cut spending, and 26% said it was because of a loss or decrease in a source of household income. Additionally, 16% feared another stock market downturn and 14% lost their jobs.
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The pandemic has also caused Americans to postpone spending money on a vacation (54%), remodeling or renovating their home (15%) or buying a car (14%), the survey found.Those who had an increase in spending cited the cost of essential items going up (51%) and shopping due to boredom (24%) as the top reasons.
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Others took measures like borrowing money to cover everyday expenses (11%), stopping contributions to their 401(k) plan or other retirement accounts (6%), or asking for rent relief or a delay (5%). Only 4% took an early withdrawal from their 401(k) and 3% borrowed from their 401(k).
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When it comes to saving for retirement, most Americans (67%) said pandemic didn’t disrupt their plans and 19% are not sure how the crisis will impact their retirement.However, there is greater uncertainty among those who work part-time or are unemployed. Almost a quarter, or 23%, of part-time workers and 32% unemployed people looking for work said they are unsure of the impact.Of those who are unemployed and looking for work, 15% are actively making plans to delay their retirement.
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Almost one-third, or 32%, said they have a savings account and 13% have a 529 plan. Meanwhile, 8% have savings bonds, cash or certificates of deposit (CDs) and 7% have an IRA or Roth IRA set up for their children.
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Parents can start at just $10 a month being automatically pulled out of their checking account into a savings account. Once it grows bigger, then decide what to do with it, like putting into a 529 plan, she advised.“Just start and everything else will fall into place,” Sun said.
2021/03/25 14:17