The way people make, spend, save and invest money would certainly be dramatically affected by a recession.In our latest Logica Future of Money Study, we have been gathering insights to understand how a possible recession might affect people and their moneymanagement in the coming year.While some market analysts and pundits predict more of a market slowdown than a recession in 2020, we found in our financial market research that more than three quarters of Americans are concerned about a recession.Some are preparing for a recession by setting aside money (71%) and identifying places to eliminate expenses (52%), and some (26%) are changing their investment strategies to protect or grow their assets.And while eight in ten (79%) Americans tell us they can cover at least one month of living expenses, two in ten (19%) can’t cover anything.Recessionary views are also impacted by multiple income streams. We found that Americans working one job are significantly more concerned about a recession than those working two jobs. We see Americans continuing to be scrappy in how they manage their money—with 30% preparing for a recession by getting additional work.
Are you providing the financial services, tools and communications to help people face the financial complexities of 2020? Americans will be looking to financial institutions and fintech companies to provide integrated tools to help them during this dynamic time of change in 2020. They need help managing multiple income streams, managing expenses, and getting the advice they need to improve their financial lives.
Do you know how you can help your customers manage a potential recession? Let us help you get the insights you need to improve your customers' financial lives.