FNBO Releases 2021 'Financial Planning Survey'

Press Release

Release Date: March 31, 2021

Study: 51% of Americans Don’t Have an Emergency Savings Account
—First National Bank of Omaha’s 2021 ‘Financial Planning Survey’ Covers Stimulus Payments, Mental Health, Saving Habits—

OMAHA, Neb. March 31, 2021—First National Bank of Omaha (FNBO) today released the results of its 2021 Financial Planning Survey, which examines Americans' financial habits and priorities, plans for stimulus payments, impacts of finances on mental health, compares gender differences concerning finances and more.

According to the survey, 51% of Americans say they do not have an emergency savings account. In addition, only 25% of Americans say they keep and stick to their monthly budget.

“Events throughout the pandemic have brought attention to the roles of personal finance, savings and investing in our lives. While our survey points out common financial challenges many of us face, regardless of age, background or personal situation, there are steps each of us can take to improve our financial wellbeing. We encourage consumers to remain focused on their priorities and proactively create a plan that supports their financial goals,” said Sean Baker, executive vice president, Individual Customer Segment, FNBO.

Among the survey’s additional findings:

• STIMULUS CHECKS: 39% of Americans say receiving a third stimulus check is essential to their financial wellbeing. Further, 41% plan to use the funds to pay down debt, while 36% will pay off living expenses, 35% plan to put the funds in savings and 11% plan to invest stimulus funds in the stock market.
• MEN VS. WOMEN: 50% of women say they are living paycheck-to-paycheck, compared to 38% of men, while 44% of women say they have a credit card they are unable to pay in full each month, versus 29% of men. Further, 22% of women report feeling stressed about their finances daily, compared to 16% of men.
• MENTAL HEALTH: 38% of Americans say they are stressed about their finances at least a few times a week. Additionally, 34% say they have debt that causes them significant anxiety or stress, while 14% say debt has strained their romantic relationships.
• INVESTING: 74% of Americans expect the stock market to continue to grow this year, with 31% expecting above a 10% return.

When asked to identify their top financial priority for 2021:

• 36% say paying off debt.
• 25% say boosting emergency savings.
• 20% say saving for retirement.
• 11% say buying a large ticket item such as a house or a car.

This is the latest survey in the Personal Finance and Consumer Spending Survey Series from FNBO. 

METHODOLOGY
This survey was conducted online using Survey Monkey among a national sample of 1,018 adults spanning across U.S. geographic regions and income levels. The survey sample was weighted to reflect the gender distribution and the age distribution across the 18-44 and 45+ age brackets in U.S. census data.