{"id":1826,"date":"2021-09-17T14:03:36","date_gmt":"2021-09-17T06:03:36","guid":{"rendered":"https:\/\/shawnjosiah.com\/?p=1826"},"modified":"2021-09-17T14:03:36","modified_gmt":"2021-09-17T06:03:36","slug":"how-coronavirus-affected-an-average-persons-money-habits","status":"publish","type":"post","link":"https:\/\/shawnjosiah.com\/shawnjosiah\/how-coronavirus-affected-an-average-persons-money-habits\/","title":{"rendered":"How Coronavirus Affected An Average Person\u2019s Money Habits"},"content":{"rendered":"
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How Coronavirus Affected An Average Person\u2019s Money Habits 
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The COVID-19 pandemic has financially affected families and individuals around the world, starting in the year 2020 and continuing up to the present. Their money habits have drastically changed. The mass layoffs and the shift of businesses to the online realm are some of the major factors that contributed to these changes.
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Personal Savings Surged To At Least 26%
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According to the Federal Reserve Bank of St. Louis<\/a>, the personal savings rate surged to 26.6% in March 2021. It defined personal savings as personal income minus personal outlays and personal taxes. <\/p>

Viewed from a different perspective, this can be regarded as good news. People are now keen on saving money either for emergency funds or for investment purposes. The lockdowns and government restrictions on going out sure have mitigated people from unnecessary spending and window shopping which would ultimately result in splurge purchases. On the other hand, it might also mean less consumer spending because people who have been laid off are going to hold onto whatever amount they can save. Money habits differ based on the income level of the person and the household.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

Online Shopping Is On The Upward Trend
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E-commerce sites have been booming since last year. The travel and shopping restrictions of the different States pushed consumers to shift to online transactions, from basic necessities to their usual shopping habits pre-pandemic. <\/p>

But there are also some things that people have temporarily let go of. Here are some interesting facts about the product sales that declined during this pandemic era, according to a survey by JP Morgan<\/a>. <\/p>