6 ways the pandemic has changed how people manage and spend their money

6 ways the pandemic has changed how people manage and spend their money

The COVID-19 pandemic created a financial crisis in 2020 that caused many people to take a hard look at their finances and find ways to cut back.

Now, more Americans are prioritizing paying their bills and reducing discretionary spending.

Household spending lowered sharply in high-income groups, which in turn caused businesses in high-rent neighborhoods to have to lay off more low-income workers.

At the same time, more Americans are shopping consciously and are making an effort to support local and minority owned businesses.

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Unprecedented events have affected how we save, spend, invest, and prioritize our finances. Here's how our money habits are changing.

What a year 2020 has been so far. To recap:

We got filing and payment extensions on our taxes and were offered deferrals on our