Jan/Feb 2022 RMM

Numbers A Closer Look at Americans’ Attitudes Toward Finances Annual Study Shows Pandemic Prompted Proactive Steps THE PANDEMIC HAS had people rethinking all sorts of issues in their lives, not the least of which was how they handle their finances. Northwestern Mutual’s annual study—The 2021 Planning & Progress Study—examines attitudes that evolved during the crisis. “The study finds that the pandemic and related events have prompted people to get proactive with their planning,” says an overview of the study. “Nearly one out of five (17 percent) U.S. adults aged 18-plus say they didn’t have a financial plan before the pandemic, but now they have one in place.” Here are some of the other findings: Source: Northwestern Mutual; more can be found at news.northwesternmutual.com/planning-and-progress-2021. 95%: Those who say their new habits will stick after the crisis ends. 25%: Respondents who increased retirement contributions/savings. 34%: Those who were paying down debt. 32%: Americans who say their financial discipline improved during the pandemic. 45%: Those who reported reducing living costs and spending, such as canceling subscriptions and eating out less. 29%: Those who were regularly revisiting financial plans. 28%: People who increased the use of tech/digital solutions to manage finances. 36 REVERSE MORTGAGE / JANUARY-FEBRUARY 2022