The corona virus pandemic has jolted people into thinking more about how they manage their finances. Even those who still have income are asking serious financial questions and considering how to save more given the uncertainty of the future.
A recent study researched what American have been searching for during the pandemic — and the results stuck out to us.
Increase Demand for Basic Necessities
Feeding America, a network of 200 U.S. food banks, says that it projects a $1.4 billion shortfall in the next six months. This shows how much the coronavirus has impacting American’s ability to afford a basic necessity.
And, the study backed that up with an increase of searches around how to get food stamps and where local food banks were located. Top searches included:
- Emergency Food Stamps: up by 130%
- How to Apply for Food Stamps: up by 50%
- Food Banks Near Me: up by 50%
- Apply for Food Stamps: up by 50%
- Food Pantry Near Me: up by 40%
Experts don’t see the demand slowing down until the unemployment rate begins to drop.
Americans in Pursuit of Financial Literacy
Online learning is nothing new. However, the financial impact of the coronavirus has catapulted Americans into wanting to learn more about how to manage their finances. Demand for finance-related courses is up by 200%.
- Online Finance Courses: up by 200%
- Foundational Finance: up by 170%
As people have learned to accept the new normal, millions have turned to the internet to learn. There are a wealth of opportunities to learn more about investing, managing finances and entrepreneurship.
The CEO of Skillcrush, Adda Birbir, said that she’s seen an uptick in interest in online learning since the coronavirus started, specifically from those who were working in the hospitality industry or the performing arts. And, that trend is growing. With the rise of unemployment, Americans are interested in learning new skills that can help them in their life and career.
Uncertainty Around Affording Housing
The study found that a majority of searches around mortgages were related to how to afford paying it including terms like “deferment,” “forbearance,” and “assistance.” This was a category that had the most increase in searches month-over-month with “rent and mortgage cancellation act” up by 5,000%. The top trending search terms were:
- Rent and Mortgage Cancellation Act: up by 5,000%
- Forbearance on Mortgage: up by 500%
- Mortgage Deferment: up by 300%
Overall, the study on what Americans are searching for during the pandemic reveals their most important financial questions and tells us that people are more interested than ever on how to save, manage and make money.
Sarah ArcherSarah is a writer at Money Crashers who covers money management tips and the financial impact of the pandemic. When she’s not investigating personal finance strategies, you’ll most likely find her outdoors hiking, biking or running.
