The findings highlight that 37% of respondents report being happy with their financial health and 26% feel in complete control of their finances.
N26, the mobile banking platform, today released new survey results that reveal how Americans perceive their financial health in the wake of Covid-19 and ahead of the holiday season. The findings highlight that 37% of respondents report being happy with their financial health and 26% feel in complete control of their finances. However, 33% of Americans feel differently about their finances during the holiday season with 82% saying the upcoming holidays contribute to feelings of stress, making them feel at least a bit more anxious. In fact, over a fifth (22%) are more anxious about the upcoming holiday season than they are about the result of the upcoming U.S. presidential election.
The survey, which captured data from over 2,000 adults across the U.S., found people's mental wellbeing has also been impacted, with 49% reporting they are feeling generally more anxious now than at the same time last year. A quarter consider COVID-19 to be the main factor towards their shift in mental wellbeing, followed by family (15%), and then finances (14%).
The new findings also highlight a shift in consumers' spending habits, with 42% of Americans spending less this year on holiday decorations despite spending more time at home, and over 40% saying they plan to buy gift cards as their primary gift choice for the 2020 holidays. The survey also suggests that Americans are more likely to receive a gift from a coworker or boss this holiday rather than from a friend, with a quarter (25%) of respondents planning to cross their friends off their holiday gift list first.
Additional key takeaways from the survey include:
Alex Weber, Chief Growth Officer of N26
The holiday season is normally cause for stress, but we are seeing a new level of anxiousness from people as they think about the holidays among a host of other challenges brought on this year by the pandemic. At N26, we understand consumers' biggest stressors and are dedicated to providing them with the features and tools needed in order to take back control of the holiday season. Now more than ever, having a trusted financial partner is critical for users as they continue to cope with mental and financial concerns.
Source: The findings are based on a survey by Sapio commissioned by N26, of over 2,000 adults across the U.S. The poll was conducted in October 2020.
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