Study examines financial planning amid pandemic


Recently released Bank of America study findings determined 46 percent of affluent Americans have been focusing on financial goals and methods of achieving them amid the COVID-19 pandemic.

The Bank of America Preferred Insights: Hindsight is 20/20 Personal Finance Report revealed despite the pandemic’s challenges. Some respondents maintain they are on track to reach various financial milestones earlier in life than their parents.

“The health crisis has caused many people to take stock of their life priorities and to control what they can during a period of uncertainty,” said Aron Levine, president of Preferred and Consumer Banking & Investments at Bank of America. “In addition to getting their finances in order, people are looking ahead at new possibilities, plotting a course for their future, and engaging with educational resources and advice that will help them make informed financial decisions and pursue new and exciting goals for themselves and their families.”

The study’s scope involved exploring the financial decisions and reflections of 2,000 affluent Americans over the last two decades, in addition to changes in financial behaviors and priorities over the last year.

The research is based on a survey of adults aged 25 and above with investable assets between $100,000 and $1 million and 18- to 24-year-olds with investable assets between $50,000 and $1 million.

The findings noted that the vast majority of affluent Americans prioritize many traditional milestones in life, such as owning a car, owning a home, saving their goal amount for retirement, and paying off credit card debt. Eighty-four percent of respondents indicated they plan to achieve or have already achieved one or more financial milestones earlier than their parents.

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