COLUMBUS, Ohio, Feb. 22, 2021 /PRNewswire/ -- While people
are feeling the ongoing impact of the pandemic, Money/Finances is
the No. 1 driver of stress for them, according to the second annual
Huntington (Nasdaq: HBAN;
www.huntington.com) "Money Mindset" survey, a barometer on
financial wellness.
Forty- seven percent of respondents selected Money/Finances as
the main reason for creating stress in their lives, while 40% cited
the pandemic and 37% cited health. Additionally, 46% percent
reported living paycheck to paycheck, up from 40% in the previous
Money Mindset survey. In another dramatic shift from the previous
survey, 51% of participants in the 2021 survey reported having
funds set aside for emergencies, down significantly from 64%.
"Stress related to money and finances is a clear reflection of
the challenges many people are having during these difficult
times," said Andy Harmening,
Huntington's president of Consumer
and Business Banking. "Personal finances are often about planning,
and we want to do everything we can to help people better
understand where their money is going in an effort to look out for
them.
"At Huntington, we are focused on the financial health and
wellbeing of the consumers and businesses in our local
communities," Harmening added. "While people may be stressed about
their short- and long-term financial health, the good news is that
there are many tools and resources available to help people get on
track and then maintain good financial habits."
The 2021 Money Mindset survey was conducted in late 2020 and
early 2021. Other key findings from the most recent survey
include:
Making Choices
- More than one-third (36%) of total respondents reported
choosing between paying a medical bill or some other cost like
utilities or groceries in the past two years. This is up from 27%
in 2019.
- 40% or more of 18- to 55-year-olds reported choosing between
paying a medical bill and some other cost. Only 20% of respondents
56 and older had to make this difficult choice.
Age and Financial Resources
- 16% of those ages 18 to 23 and 13% of those 24 to 39 reported
needing to borrow for rent.
- Further, 12% of respondents 18 to 39 reported needing to borrow
for everyday expense.
- In older age groups, response rates in these categories were
significantly smaller.
Concerns About Retirement
- Retirement savings is even more of a concern, with 58% of
respondents indicating they are worried about not saving enough for
retirement – up from 55% in 2019.
- The most concerned age group is 40 to 55-year-olds with 69%
(nearly 7 in 10) expressing concern over retirement savings.
The independent research firm OnePoll completed the Money
Mindset online survey, which included 2,103 completed responses
from participants aged 18 and older and residing in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia. Surveys were completed between
November 25, 2020, and January 14, 2021.
Financial peace of mind is within reach
"Regardless of
someone's current financial health and long-term goals, knowledge
and preparation are the keys to getting back on the road to
financial stability," Harmening said. He offers these seven tips to
start de-stressing about personal finances:
- Spend time to get a complete picture of your
finances.
Find out how much is coming in and out each month
and understand your tax responsibilities and investment
opportunities. Talk to your partner, dependents or other family
members to get on the same page.
- Track your behaviors.
Cashless spending can make it
difficult to see where your money is going, especially as small
purchases quickly add up. But sophisticated online banking
solutions, such as Huntington's
Spend Analysis tool, can give you an eye-opening look into how your
spending adds up.
- Leverage the power of incremental savings
An
automated savings tool like Huntington's Money Scout scans a customer's
checking account and looks out for money they can set aside. Money
Scout analyzes spending habits, income, and upcoming expenses to
find money that customers aren't using in their checking accounts –
from $5 to $50 – then moves it to savings,
automatically.
- Avoid overdrafts and reduce overdraft fees
Fees from
checking account overdrafts can add up. Huntington's 24-Hour Grace and a no overdraft
fee $50 Safety Zone help customers
avoid paying overdraft fees.
- Automate your bill payments
Direct deposits and
automatic bill payments ensure nothing gets overlooked or falls
through the cracks in spending and saving.
- Make a plan to deal with your debt.
Sometimes just
having a plan can make you feel better. From basic control of your
budget to plans for consolidating debt and negotiating with
creditors, there are many ways to handle debt. Cash flow might have
changed over the last several months. Input income and expenses and
let the budget calculator do the math.
- Set goals and stick with them.
It's never too early
to begin your long-term planning for retirement, which should be
top of the list for most Americans. Near-term goal planning is
essential as well, so keeping your eyes on a down payment for a
home or reducing credit card debt can help to keep you motivated –
as long as you're balancing your short- and long-term goals.
Available to all Huntington
customers, The Hub offers a wide array of useful digital tools to
begin getting a handle on and managing your money and finances.
From spending analysis and budgeting to goal setting and
Huntington Heads Up℠ alerts, The
Hub can help Huntington customers
get a jump start with tracking and categorizing their expenses.
In Recognition of America Saves Week, Huntington also offers these tips to help
people save money:
- Family Savings: Creating a Family Budget
- Should You Pay Off Your Debts or Save Money First?
- Emergency Funds: How Much Should You Save
- Why Automating Your Finances Can Be Your Secret Weapon
About Huntington
Huntington Bancshares
Incorporated is a regional bank holding company headquartered in
Columbus, Ohio, with $123 billion of assets and a network of 839
branches, including 11 Private Client Group offices, and 1,322 ATMs
across seven Midwestern states. Founded in 1866, The
Huntington National Bank and its affiliates provide consumer, small
business, commercial, treasury management, wealth management,
brokerage, trust, and insurance services. Huntington also
provides vehicle finance, equipment finance, national settlement,
and capital market services that extend beyond its core
states. Visit huntington.com for more information.
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SOURCE Huntington Bancshares Incorporated