Many Americans are still in trouble when it come their finances.
According to a new Fidelity study, more than a third of Americans are describing their financial situation heading into the New Year as being in “Survival Mode”. That means they’re focusing on the day to day rather than long term goals. The pandemic and shutdowns are changing the way many think about their money.
“Most want to save more, they view their emergency funds as more important than ever, and they place more value on being financially resilient,” Financial strategist Shelly-Ann Eweka told KTRH.
Eweka, who is also the Director of Financial Planning Strategy at TIAA, says nearly 80 percent of Americans have had to rethink their finances. Many of those (who are in the middle class) have dealt with a job loss, declining income or drawdown in emergency savings in 2020.