What You Need to Know
- Major changes include increased use of payment apps, P2P payments and buy now, pay later options, Logica Research found.
- Americans have been able to save more and are likely to invest more, including in the stock market.
- More are turning to financial professionals for advice on meeting their goals.
Americans are making significant shifts in their work and retirement plans, in their payment and purchasing behaviors, and in their saving and investing, according to a new study released Wednesday by Logica Research.
Some of the biggest changes have to do with increased use of payment apps, peer-to-peer payments and buy now, pay later options, the study found.
“We’ve conducted many waves of this study over the past few years, and never before have we seen this level of acceleration when it comes to changing financial behaviors,” Logica Research’s founder and chief executive, Lilah Raynor, said in a statement.
“During the height of COVID-19, we found distinct and critical shifts in how people are working, spending, saving and investing, and this latest wave shows that many of those shifts are here to stay.”
The message to financial brands and fintech companies, Raynor said: Adapt to meet customers where they are now.
The online study was conducted in April among 1,000 general population U.S. adults and an augment of 200 older Generation Zers, those 16 to 23. KNow Research conducted in-depth interviews to give qualitative depth to the quantitative findings.
Shifts From Spring 2020
The survey found that 36% of respondents still in the workforce were working more hours this spring than a year ago. In addition, 9% of respondents planned to retire early, up from 3% a year ago, and 33% said they would postpone leaving the workforce, up from 26%.