What you need to know
Understanding the financial services industry was an issue of growing concern in the US before the COVID-19 pandemic, and the global crisis will bring into clearer resolution the deficits in financial understanding that many consumers have. As the nation recovers from the multi-faceted impact coronavirus has wrought, people will remember which brands stepped up to help. Consumers will be driven to find greater value in the products and services they engage with, and will be more inclined to associate only with those brands that represent their identity—those that reinforce a sense of individuality, community, and morality.
Key issues covered in this Report
The impact of COVID-19 and a coming recession on consumer behavior and the financial services industry
How consumers feel about their ability to manage their finances
Which financial topics people are most interested in learning more about
Where consumers turn for personal finance information
Definition
This Report covers consumers’ financial understanding and impact the COVID-19 pandemic has had on consumers’ knowledge of their financial situation. This Report addresses consumer familiarity with the financial services industry, including financial goals, confidence managing money, and favorite sources of financial information.
Writing for this Report was completed on June 26, 2020.
