Most Americans are still contending with the financial impact of the COVID-19 pandemic, according to the latest set of findings from Northwestern Mutual's 2021 Planning & Progress Study.
The research finds more than half (58%) of U.S. adults aged 18+ say they are in financial recovery mode, but among them nine of out ten (89%) express confidence that they will ultimately achieve a full financial comeback.
For those in recovery, the research shows that the majority feel they are making considerable progress:
34% say they're in "late-stage recovery" – they suffered losses but have mostly, if not fully, recovered to pre-pandemic levels and are feeling confident in their ability to achieve long-term financial security
47% say they're in "mid-stage recovery" – they suffered losses and have begun making up ground, but have not yet reached pre-pandemic levels and still remain optimistic about their ability to achieve long-term financial security
18% say they're in "early-stage recovery" – they suffered losses, are still in decline and are unclear how they'll achieve long-term financial security.
Across a range of different categories, year-over-year numbers indicate that people's financial lives are trending in the right direction.
Average personal savings are up over 10% - from $65,900 last year to $73,100 today;
Average retirement savings increased 13% - from $87,500 last year to $98,800 today;
Financial security is nudging upward – from an average of 6.3 on a ten-point scale last year to 6.5 today
Going a layer deeper into savings trends reveals a more nuanced story:
A third (33%) of people say they have been able to save more over the last year;
Nearly an equal third (31%) say they are saving less or stopped saving altogether; and
One in ten (9%) say they've had to dig into savings and are going backwards. ■
New York Governor Kathy Hochul announced that AgriAmerica Fruit Products has completed the revitalization and upgrade of a 69,000-square-foot grape juice processing facility located at 200 Water Street in the Village of Fredonia.