Zeta Pulse, a proprietary consumer sentiment survey, highlights financial lessons learned during the 2020 recession and new resolutions for 2021
Zeta Global, an outcome-based marketing technology company that helps brands acquire, grow, and retain customers, released insights from its latest survey regarding consumers’ financial goals for 2021.
Based on responses from 1,552 respondents across the United States, the survey sought to discover what the pandemic taught consumers about financial health, and how those lessons were shaping consumers’ financial goals for 2021.
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Top insights include:
Saving More, Spending Less in 2021
- The “Importance of Savings” was the Biggest Lesson of the Pandemic
More than half of those surveyed (56%) said the biggest financial lesson they learned from the COVID-19 pandemic was the “importance of savings.”
- Savings was considered 2x more important than controlling spending (28%) or paying off debt (19%).
- 50% of respondents between ages 18-25 indicated they were likely to increase savings, compared to 45% in middle age groups (ages 25-64).
- “Finding a New Job” is of Equal Interest Across all Ages
33% of all respondents indicated that they plan to “switch jobs to earn more money” in 2021 as the job market improves.
- Intent to switch jobs between the age groups of 26-64 was the same, demonstrating people at all career experience levels were potentially affected by job loss or reduced salary.
- Men were slightly more interested in looking for a new job (28%) than women (26%).
- Despite Pandemic Spending Shift, Consumers Still Aim to Spend Less
Despite cutting back on travel, dining, and entertainment in 2020, 47% of people surveyed will reduce their discretionary spending even further in 2021.
Choosing the Right Banks and Credit Cards to Meet Financial Goals The survey also asked respondents about key influences for selecting a bank or credit card company.
- Those Focused on Savings Want Lower Bank Fees
42% of respondents cited “low fees” as the most important factor as they continue to build their savings.
- As people stay home more frequently due to COVID-19 concerns, close proximity of ATMs is most important factor to 28% of respondents.
- Credit Cards Are Most Likely Selected by Interest Rate Offering
32% of respondents said low interest rates are the most important factor, followed by no annual fees (25%) and cash-back offers (23%).
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