Majority Of Americans Plan Financial Changes Post-COVID-19

(PR Web)

Written by Jeff Mount

Monday,  June 22, 2020

Pre-COVID-19 financial surveys showed that 36% of adults would have to borrow or sell something in order to cover an unexpected $400 expense–while post-pandemic, the number increased to 54%.(1)

Many Americans are reviewing their finances and planning to make changes, though unfortunately many are finding themselves to be ill-prepared.

“Financial literacy needs to be addressed in the schools, colleges and in the community,” says Jeff Mount, CEO of Real Intelligence, LLC. “The decisions that each of us make affect our families and community and these decisions offer the potential to realize the kind of dignity and financial independence we all seek.”

According to a poll recently conducted by The Harris Poll, many Americans are planning to change their financial habits in light of recent events. Roughly 2 in 5 citizens say they are saving more money now than they were prior to the COVID-19 pandemic.

Almost all (94%) reported spending less on non-essential items, and 75% said they planned to take financial actions after COVID-19–with nearly 20% of those saying they planned to start a retirement savings plan or increase the amount they were contributing to an existing one.(2)

But many Americans don’t know how to strategically invest their money, which leads to panic buying and selling as current events sway their moods.(3),(4) A survey conducted by the National Financial Educators Council found that Americans from various age groups estimated their lack of knowledge about personal finances cost them more than $1,000 a year with 25% estimating they had lost more than $30,000 across their entire lifetime due to lack of knowledge about personal finances.(5)

Mount says that good habits should start with an understanding of how much is needed to fund each of life’s major events. “You can then run a series of soundly calculated ‘what ifs’ that can guide your thinking on navigating real financial investment decisions in the present,” Mount says. “This helps you to understand your probability of success when attempting to fund events like college tuitions, weddings, and retirement.”

Though sound financial advice can make a positive difference at any time, investors and planners have a unique opportunity now to make a big change in American’s financial planning, as well as investment outcomes. While one-on-one discussions and meetings are essential when advising someone about their finances, apps and online programs have been shown to help individuals of all ages become financial literate.(6),(7) Some tools like Real Intelligence’s Dynamic Mapping financial planning program can help investors and planners understand the consequences of strategic decisions in real time.

“Financial-assistance resources are arguably now more important than ever for investors looking to establish purpose-based investment objectives and better manage risk in a post-pandemic market,” Mount says. “There is no better time to enact significant changes in investment behavior to prevent financial devastation the next time a crisis occurs.”

About Real Intelligence LLC:
Real Intelligence, LLC is the brainchild of entrepreneurs and industry experts Jeffrey Mount and Mike Helgesen. With 55 combined years of industry expertise and the alliance of both their AI inventions: Dynamic Mapping and training program, Essential Family Office – Real Intelligence LLC is poised to offer a complete essential tool kit to the next generation of elite Financial Advisors. With strategic, industry proven training, patented technology, and an unprecedented lead generation opportunity the paradigm of financial services is shifting from status-quo. This human-centered approach to financial planning is a consultant’s greatest tool to combat the competitive threat of free programs through robo-advisers and the dangers of irrelevancy. For more information, visit http://www.realintelligence360.com.

1. Marwitz, C.J., “4 financial & retirement problems COVID-19 made worse – will post-COVID solutions be ambitious enough?” BenefitsPRO, June 4, 2020, benefitspro.com/2020/06/04/4-financial-retirement-problems-covid-19-made-worse-will-post-covid-solutions-be-ambitious-enough/?slreturn=20200513104425.
2. El Issa, Erin, “Survey: How the Pandemic Alters Americans’ Financial Habits” Plaquemine Post South, June 11, 2020, postsouth.com/ZZ/business/20200611/survey-how-pandemic-alters-americans-financial-habits.
3. DeCambre, Mark, “The Nasdaq is exhibiting signs of panic-like buying – not selling as NYSE-listed stocks are showing panic selling” MarketWatch, June 11, 2020, marketwatch.com/story/the-nasdaq-is-exhibiting-signs-of-panic-like-buying–not-selling–even-as-the-stock-market-gets-rocked-thursday-2020-06-11.
4. Koukoulas, Stephen, “Stock market panic has turned into market euphoria: What’s next?” Yahoo Finance AU, June 10, 2020, au.finance.yahoo.com/news/stock-panic-euphoria-231629112.html.
5. “Financial Illiteracy Cost Americans $1,279 in 2019” National Financial Educators Council, January 8, 2020, financialeducatorscouncil.org/financial-illiteracy-costs.
6. O’Connell, Brian, “Teaching Kids Financial Literacy During the Pandemic: A Primer” The Kitchen Table Economist, June 9, 2020, thestreet.com/mainstreet/news/teaching-kids-financial-literacy.
7. McNamee, Paige, “Briefcase babies: How financial apps are helping kids learn about much more than money” Finextra, June 10, 2020, finextra.com/the-long-read/42/briefcase-babies-how-financial-apps-are-helping-kids-learn-about-much-more-than-money.

# # #

Share:

Share on facebook
Share on twitter
Share on linkedin

More Posts

Unreal Expectations, No Trust Lead Investors to Failure Read

Written by Jeff Mount October 01, 2020 Registered representatives. Wealth consultants. Investment advisor representatives. Financial planners. These are all names that describe people who are in the financial services business. They differ in that each has a slightly different tilt, but all have one thing in common: Most Americans have chosen not to work with

New Tolerance for Lofty Inflation Is Dangerous

Written by Jeff Mount September 03, 2020 Federal Reserve Chairman Jay Powell recently announced a policy for tolerance of higher than average inflation rates for short periods of time. Although the language has changed, the actions really haven’t changed. The Fed has kept rates near zero for quite some time. What has changed is this

Financial Education Can Reduce Poverty And Help Americans Escape Its Cycle

Written by Jeff Mount July 6, 2020 Multi-generational poverty negatively affects every aspect of the American economy. Real Intelligence CEO Jeff Mount says financial literacy education helps break the cycle of poverty.The legacy of multi-generational poverty among American families is reaching worrisome levels. Multi-generational poverty is defined as a family having lived in poverty for

Send Us A Message

Scroll to Top