The pandemic has had a significant impact on consumers' finances, as many experienced a loss of income or a financial fluctuation over the last year:

37 percent of the general population said their financial situation has gotten worse over the last year, with 16 percent reporting a job loss, furlough or loss of income over the last 12 months.
20 percent said they had less disposable income, which is consistent among Black (23 percent) and Latinx (25 percent) respondents.

Still, consumers feel more optimistic about their financial future and are taking actionable steps to improve their financial health:

65 percent of the general population believe they are currently in good financial health.
51 percent of the general population is focusing on improving their savings, 39 percent on eliminating debt.
24 percent of Black and Latinx respondents said that they've taken action to improve their credit, compared to 19 percent of the general population.
Survey respondents all agreed that their top financial goals in the past year included paying bills in full and consistently each month.

Additionally:

32 percent of the general population indicate developing or maintaining a budget that works for them as a primary goal.
Black (20 percent) and Latinx (22 percent) respondents listed getting their finances in order to purchase a home as a financial goal, compared with 14 percent of the general population.
Black (16 percent) and Latinx (14 percent) respondents plan to start a business this year, compared to 9 percent of the general population.

"Small steps matter," Bailey said. "From saving a little more each month to monitoring your credit score — these steps help consumers prepare for the unexpected, while also setting them up for success in the long run."

Instant Insights /

Pandemic side effect: Americans thinking more about money and their future

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