After a year of economic uncertainty, nearly half of Americans believe their finances will be better off in the next year. Why? Because the pandemic encouraged consumers to take a closer look at how they are saving and budgeting for the future.
In fact, a new Chase Financial Health Consumer Study finds that Black (54%) and Latinx (49%) respondents, those hardest hit by the pandemic, are the most optimistic about the future as they’ve taken action to improve their credit and spending or earn a second income.
And while the top financial goal of the past year has been to pay bills in full each month, 83% of respondents expressed the importance of budgeting for long-term success and building an emergency fund. However, there’s still work to be done, as just 76% believe they can actually do it and only 62% feel confident in their ability to save for retirement.
The good news is nobody has to do it alone. Nicole Sanchez, Managing Director, Consumer Bank, and GM of Underbanked & Mass Segments and Financial Health at Chase, breaks down the tools and resources available to help grow a savings, manage a budget and boost credit. Plus, she shares:
- Highlights of the Chase Financial Health Consumer Study
- How the pandemic changed Americans’ views on budgeting and saving money
- Small steps consumers can take for long-term success
- Tools and resources available to help you “up” your financial game
Interview Courtesy: Chase