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33% of Americans Think They’ll Have More Savings in a Year

Survey asked more than 1,200 Americans about their finances — and where they think those finances will be a year from now

Published on January 28, 2021

It’s been more than a year since the U.S. had its first confirmed coronavirus case, but the latest MagnifyMoney survey is showing signs of financial optimism — especially among the youngest generations.

According to the survey, 33% of Americans, including 42% of Gen Zers, think they’ll have a lot more money saved a year from now than they do today. Meanwhile, 37% of Americans, including 41% of millennials, think they’ll have less debt in a year.

Key findings:

  • Nearly a quarter (24%) of consumers say continued shutdowns are better for their wallets because they’re not spending any money.
  • Meanwhile, 31% expect their finances to improve even further once vaccines are more widely available.
  • Some consumers, especially Democrats amid a White House administration change, are optimistic 2021 will lead to better savings account rates.
  • More than one-third (34%) of Americans who earn $100,000 or more a year are benefiting from pandemic-related economic shutdowns to improve their finances. On the other hand, 45% of Americans who earn less than $35,000 say their finances have taken a hit during the pandemic due to income loss.

“The pandemic has encouraged people to spend less,” Ken Tumin, DepositAccounts founder, said. “Many people have saved money by eating out less and cutting back on travel and other entertainment activities.”

Finance Reporter