Survey: 50% of Americans Spent Less in 2020 Than in Previous Years

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As our lifestyles and routines changed in 2020, so did our approach to money.

Travis Credit Union surveyed 2,000 American consumers to learn more about their approach to money — how they approached spending and savings in 2020, and how they plan to use it in 2021.

The results were mixed:

  • 50% of respondents said they spent less in 2020 than in previous years.
  • Top reasons for spending less: 1. Financial uncertainty due to COVID-19 2. Fewer opportunities to spend money 3. Job loss caused them to re-evaluate their spending.
  • 33% of respondents reported spending more in 2020 than they did in previous years.
  • Top reasons for spending more money: 1. Stress or anxiety 2. Doing it unconsciously 3. Boredom.
  • In terms of their financial outlook for 2021: 86% are optimistic moving into 2021. 50% plan to spend less and 40% plan to save more.

Take a look at the full report.


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