Americans locked down in many ways over the past 15 months or so, and now as they emerge – albeit slowly – from the restrictions, they are finding themselves better off financially.
Sure, it took a global pandemic to shake some sense into many of us, but monetary responsibility became a prominent theme.
Business Insider cites a Pew Research report from March indicating only one in five respondents said they were worse off than before the pandemic hit.
Pew Research found that 30 percent of adults reported a better personal financial outlook since January 2020, and another 50 percent said the pandemic had no effect either way on their financial situation.
The report found no discrimination among those surveyed: gender, age, race and education included.
There is no doubt that, despite the fact most Americans love their freedom to choose a life in which they are comfortable, those same people benefit occasionally when forced into action.
This was an unintended consequence, of course, given that people scrambled to ensure their families’ safety – finances included.
And then they found that this whole money-management common sense was actually good for them.
Northwestern Mutual, whose report is also referenced in Insider story, found a whopping 83 percent of Americans were driven to address and/or shift their habits relating to their finances. Moreover, they found success – with 95 percent saying they believe they’ll hold to the new commitment.
“They’re examining if their money is aligned to their values, aligned to what’s important in their lives,” said Sheila Walsh, a financial planner and wellness coach at Willow, adding via Insider that the pandemic “really caused people to pause and to assess their lives in a different and deeper way.
“Whether it was a carrot or a stick that got them there, they’re there.”