63% Of Professionals Say Quarantine Helped Their Personal Savings Account

According to the US Bureau of Economic Analysis, the personal savings rate, which is the dollar amount that people are saving as a percentage of their disposable income, skyrocketed to 33% in April. Prior to April, the rate had been steady at around 8% for months, but then ticked up to 13% in March before surging in April. 

What Does this mean?

People are saving more cash than ever. Last month we learned that 72% of professionals are concerned about their job security. At Blind, the anonymous professional network with 3.6MM+ verified professionals, we wanted to see how that concern translated into their personal financial planning. This leads us to an important question: how did quarantine impact professional’s saving accounts?

We took to the platform and asked our users three questions:

1. How did quarantine impact your personal savings account?
2. What did you spend your money on during quarantine?
3. What % change did you see in your savings account?

Key Findings as of (6/09-6/12) (2,000 Responses): 

• • 63% of professionals say quarantine helped their personal savings account
    • 71% of Amazon professionals say they are saving more
    • 62% and 65% of Microsoft and Google professionals say they are saving more
  • Conversely, 9% of professionals say they used their savings to help stay afloat during COVID-19 (due to job loss and/or unforeseen healthcare costs)
    • 10% of professionals say quarantine hurt their savings account 
  • 34% of professionals said they spent their money on more leisure / online spending (online shopping/ self-care/ home-care)
    • 43% of Linkedin professionals said they spent their money on more leisure
    • 40% of Salesforce professionals said they spent their money on more leisure
• 42% of professionals have seen a 6-10% increase (+) in savings 
• • • Conversely, 7% of professionals have seen a 6-10% decrease (- )in savings 

Download the Raw Data here.