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

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.