Regions Next Step survey finds Americans are prioritizing saving during COVID-19 outbreak
September 21 2020 - 9:00AM
Business Wire
The latest survey from Regions Next Step, Regions Bank’s
financial education program, finds that the majority of Americans
surveyed (77%) have maintained saving the same amount or saved more
since the start of the COVID-19 outbreak in March 2020. Of these
respondents, 2 in 5 (39%) say they have saved more money, with 1 in
10 saying they have saved a “significant amount” more.
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The latest survey from Regions Next Step,
Regions Bank’s financial education program, finds Americans are
prioritizing saving during the COVID-19 outbreak. For information
on a few steps to take to build savings during this time, visit
Regions.com/NextStepCoronavirus. (Graphic: Business Wire)
Overall findings of the survey, conducted in July, indicate
Americans are prioritizing saving in their household budgets. Other
key findings include:
- 45% of respondents say they have adjusted their short-term
financial budgets.
- 33% of those that have saved more adjusted their budget to do
so.
- One out of 5 (19%) Americans say that they have made (or are
making) investments to create a better work-from-home environment.
Of those that saved, nearly 30% made or are making these
investments.
- About 7 in 10 Americans said they would not be making
big-ticket item purchases, such as a home, furniture, cars or
electronics, despite current lower interest rates.
The findings of this survey come on the heels of an April survey
from Regions Next Step that found having a formal financial budget
contributes to feeling more financially fit, which may reduce
stress and increase confidence in the ability to withstand a fiscal
emergency.
“With today’s economic uncertainty, many people have taken steps
to adjust their financial habits to save more and better prepare
for the unexpected,” said Joye Hehn, Community Financial Education
Manager for Regions. “We at Regions want to encourage people to
build on that positive momentum and are providing financial
planning tools and resources to help.”
The COVID-19 outbreak has increased awareness of the importance
of having access to savings. Here are a few steps people can take
when building their savings during this time:
- Set or revisit goals: Prior to planning or adjusting
plans, set or reevaluate long- and short-term financial goals, then
evaluate which are most important right now. Use this financial
goals worksheet to create targets and rework budgets as
needed.
- Build an emergency fund: When the economy is uncertain,
reprioritizing savings goals may be needed, along with a focus on
building an emergency fund. As a general rule, try to have three to
six months of expenses in an easy-to-access savings account. Listen
to this podcast for guidance on savings strategies to build this
fund and prepare financially for the unexpected.
- Consider debt reduction vs. saving: Many may be
wondering whether to pay down debt or save funds for a rainy day.
It’s a good idea to consider how secure your finances are before
deciding how to prioritize. Consider these factors when evaluating
options.
- Cut back on unnecessary expenses: When money is tight,
take steps to tighten the financial belt. Review receipts and the
previous months’ bills, then cut expenses to reflect a practical
budget. For example, cancel subscriptions that are rarely used or
cut back on dining out, then reallocate those funds to
savings.
For more advice on adjusting financial game plans for today’s
challenging economic scenario, watch the on-demand webinar, Making
a Money Game Plan for Tough Times, featuring Eric Smith, The
Financial Literacy Coach.
Regions continues its commitment to providing financial
education and guidance to customers, associates and people in the
communities it serves during the COVID-19 outbreak and beyond.
Visit Regions.com/NextStepCoronavirus for tips and resources to
help with navigating financial challenges, staying on track and
safeguarding your future.
The omnibus survey questions were part of a national online
survey that took place between July 20-23, 2020. The survey reached
2,580 U.S. adults. The results are weighted and are representative
of all U.S. adults (aged 18+).
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $144 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,400
banking offices and 2,000 ATMs. Regions Bank is an Equal Housing
Lender and Member FDIC. Additional information about Regions and
its full line of products and services can be found at
www.regions.com.
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Nicole Wyatt 205-264-4551
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