Nearly three-quarters of Americans look toward additional income sources in light of the pandemic’s economic damage, NAPFA survey shows
Nearly three-quarters (70%) of Americans are considering adding another source of income after witnessing the economic damage caused by the COVID-19 pandemic, according to a survey released today from the National Association of Personal Financial Advisors (NAPFA). Many Americans are completely reevaluating their careers and say because of the pandemic they are more likely to start their own business (27%), find a new job (27%) or make a career change to an entirely new field (25%).
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“Whether they’ve been directly affected by job losses and furloughs or not, consumers are clearly taking note of how the pandemic has disrupted the U.S. economy,” says Geoffrey Brown, NAPFA CEO. “They are looking for ways to improve their financial security and not shying away from considering major life changes. To be successful in these endeavors, smart financial planning is critical and a Fee-Only financial advisor can help navigate all types of career transitions.”
As Americans reassess their professional lives, increasing their income is the top priority. Of those who’ve become more likely to find a new job or make a career change, most hope to gain a higher income (45%), a steady income (42%) and the ability to work from home (30%). Similarly, of those interested in starting their own business, most want a higher income (48%), to be their own boss (38%) and a flexible work schedule (33%).
Financial security is especially important to women. When it comes to finding a new job or making a career change, 49% of women are looking for a steady income, compared to only 36% of men. There were also generational differences in the survey. Most notably, younger Americans are more likely to consider bigger changes in their lives as a result of the pandemic. Nearly one-in-three (31%) millennials are more likely to start their own business, compared with just 17% of baby boomers. However, more than half (56%) of baby boomers say the pandemic has made them thriftier, while only 35% of millennials say the same.