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People have adopted better financial habits during the pandemic


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During the pandemic, Americans have become more serious about financial planning and financial security. This is the result of two recent surveys on how people’s behavior and attitudes towards money have changed since the start of the pandemic.

In his most recent investigation into the financial effects of the pandemic, Christian Mitchell of Northwestern Mutual said the company found “people with more beneficial financial habits, in terms of saving, thinking about financial security, financial planning, retirement ”.

And when Bankrate asked people what financial changes they were planning after the pandemic, analyst Greg McBride said, the top list was “save more for emergencies.”

That’s what Taylor Neverman, 27, of Miami, Fla. She and her husband were both in between jobs when the pandemic hit, and they spent their savings to pay the bills.

“I was really, really afraid that something like this would happen again and that I wasn’t ready,” Neverman said. “Every, you know, about a month, I try to go through our finances and see if there’s anything we maybe need to do differently.”

They put their relief payments into savings to cover student loans and opened Roth IRAs for retirement. Neverman said they are more frugal even when they start dating again.

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