Timely Topic: Impact of COVID-19 on Saving, Investing and Advice

Executive Highlights from March 25-30 Tracking Data

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Overview

Our special tracking appendix examines the impacts of the COVID-19 crisis on U.S. consumer finances, attitudes and behaviors. This just-fielded data reveals impacts by generation, asset level, and work and health status. The analysis looks at income and spending cut-backs, changes in goals and financial actions, changes to investment mix and more.

This new 66-page report features 46 exhibits. See table of contents and sample pages below.

Select Key Findings

  • Consulting sources of saving and investing information and advice is up 2-5x depending on source.
  • Almost two thirds (63%) of households are planning to spend less, irregardless of work status.
  • Goals for saving and investing are shifting with the percentage of millennials who plan to buy homes plummeting from 36% in 2019 to 2% in March 2020.

About the Hearts & Wallets Investor Quantitative™ COVID-19 Tracking Series

Hearts & Wallets has launched a new resource to track the impact of COVID-19 on U.S. consumer finances, attitudes and behaviors.

While we can't be on the frontline of health care, we can make a difference within our area of expertise – solutions for how consumers save, invest and seek advice. Our goal is to collaborate with the industry to inspire solutions that will improve consumer financial outcomes.

This COVID-19 report is from a March 2020 fielding of 845 U.S. consumer households, which is appended to our main Investor Quantitative™ Database of over 50,000 households going back to 2010. Additional reports will be issued as we return to the field to track changes resulting from this crisis.

In addition to the report, Hearts & Wallets has launched a new data resource, delivered in our easy-to-use software, which is available at no charge to strategy, solution and innovation professionals in retail finance. Sign up here.

Gain insights in 14 areas: health, employment, income, spending, use of time, concerns, feelings, advice-seeking behaviors, financial goals, attitudes, asset allocation, and actions taken and planned. Guest users may access segmentation, data visualization and cross-tab features. Full users of our software have the ability to track trends over time and analyze how customers of specific firms are responding.

Sample Pages

TABLE OF CONTENTS

Report Executive Summary

Methodology

3-5

Key Findings & Implications

7-8

1. Although the COVID-19 health problem appeared regional as of March 30, the employment problem is national. Unemployment will continue to rise on the current course.

Compare all COVID-19 Health Problems: by National, by New York Metro Area

9-10

COVID-19 Health Problems, Percent Exposed/Ill/Recovered: by Selected Regions

11

COVID-19 Impact to Respondent Work: by National, by Generation, by Race, by Respondent Industry of Employment, by Marital Status, by Pre-COVID Household Income Ranges

12-18

Crosstab of COVID-19 Impact on Respondent Work by COVID-19 Impact on Spouse/Partner

19

COVID-19 Impact to Respondent Work, National Annual Income

20-21

2. Half of households have already experienced or expect an impact on household income, but the impact to spending will be bigger than the impact to income.

COVID-19 Impact on Household Income: by National, by COVID-19 Impact on Household Employment, by Pre-COVID Annual Household Income Ranges

22-24

COVID-19 Impact on Household Spending Plans: by National, by Generation, by COVID-19 Impact on Household Employment, by Pre-COVID Annual Household Income Ranges

25-27

All COVID-19 Lifestyle Effects: by National, by Generation, by COVID-19 Impact on Household Employment, by Investable Assets

28-31

3. Consulting sources of saving and investing information and advice is up 2-5x depending on source.

Frequency of Consulting with Sources of Investing Info/Advice: by National, by COVID-19 Impact on Household Employment

32-34

Select Attitudes on Financial Advisors: by Investable Assets, by Generation, by COVID Work Impact

33-38

4. The most common financial actions in March were “increase general saving,” “increase saving for retirement” and “change investment mix.” Intention to make changes to providers is still robust.

Actions Taken/Planned: by National, by Generation, by Investable Assets

39-42

Crosstabs of Actions “Changed investment mix – bought stocks, ETFs or calls (bullish)” and “Changed investment mix – moved some assets into cash (bearish)”

43

Attitude “Possibly missing out on investment growth is a bigger worry to me than the risk of losing money in the short term”

44

“Don’t Know” Asset Class Allocation: by Investable Asset Group

45

5. As of March 30, 2020, anxiety is up and financial goals show big decreases in medium-term buying goals, notably vacation, buying real estate and cars.

Feelings about Financial Future, All Anxiety Levels and High Anxiety Levels: by National, by COVID-19 Level of Exposure, by COVID-19 Impact on Household Employment

46-47

Select Attitudes with Levels of Agreement on 10-Point Scale: by National

48

Concern about Issues, High Concern (Top 2 on 10-Point Scale): by National

49

Saving & Investing Goals, All Goals: by National, by Generation

50-51

Appendix

COVID-19 Timely Topic Data Dictionary

52-62

Glossary, Sample Sizes

63-65
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