Paying fewer restaurant bills and buying less movie tickets over the last year may not have helped as many peoples' finances after all — according to a new survey, four in 10 Americans believe they actually spent more money in 2020 compared to 2019.
As part of an exploration of the COVID-19 pandemic's effect on spending and saving in the United States, 2,000 people were asked to consider how their own habits changed in 2020.
For example, while conventional wisdom that brewing coffee at home saves money down the line, 45% of respondents are actually spending more on their caffeine fix since the pandemic began.
On the other hand, 63% of respondents admitted that they used to make a lot of routine, regular purchases 12 months ago that they no longer make now, spending an average of $108.56 less each month.
In fact, 59% believed that the pandemic has had a positive impact on their finances, having decreased their spending in other categories like clothing (34%), cosmetics (39%) and commuter costs (25%).
But while some are thriving, a fourth of people (25%) believe the pandemic has negatively affected their finances, including more women than men (25% vs 19%).
Reported by OnePoll on behalf of Intuit, the survey also reveals a possible correlation between someone's age and financial vulnerability.