Over 8 in 10 Americans Shifted Financial Priorities Due to Pandemic, Focusing More on Debt and Emergency Funds

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CHARLOTTE, N.C., Sept. 9, 2020 /PRNewswire/ — The COVID-19 pandemic has resulted in a lot of changes, ranging from the postponement of major life events to the way companies do business. A new survey from DepositAccounts reveals that consumers’ financial priorities are no exception. In fact, the survey found that an overwhelming 82% of respondents said the coronavirus pandemic has caused them to change their financial priorities in some way. Perhaps the silver lining of the economic cloud brought on by the COVID-19 crisis is that more consumers are developing healthy financial habits during this time of turmoil. 
Key Findings:

Of those surveyed, 82% said the coronavirus pandemic has changed their financial priorities in some way, including becoming more focused on paying down debt (36%) and building an emergency fund (33%).
When asked what their number one financial priority is right now, consumers said paying off debt (25%), paying monthly bills (19%) and building an emergency fund (14%).
The survey revealed that financial priorities vary by age group. Gen Z is most focused on finding a better job (31%), while millennials and Gen X are putting their energy toward paying off debt (25% and 28%, respectively).
There were also differences in financial priorities between men and women. Men said their top …

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