Since the coronavirus pandemic hit the U.S., Americans have had no choice but to review how they manage their finances. Even for those who are still working, the unknown of the future has pushed people to consider how they can build their savings.
A recent study looked into the details around what American’s are searching for due to the pandemic — and changes in financial-related searches stuck out to us.
Questions around how to defer mortgage payments, where local food banks are and online learning shows the impact the pandemic has had on even the most basic necessities.
Higher Demand for Free Food
Feeding America, a network of 200 U.S.-based food banks, says that it projects a $1.4 billion shortfall in the next six months. This prediction alone shows how much the coronavirus pandemic has impacted American’s ability to afford food.
And, the search-related study backed that up with an increase of searches around getting food stamps and finding nearby food banks. The top searches include:
- 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%
Americans in Pursuit of Financial Literacy
Good news is — unemployed Americans aren’t using this time for vacation. Instead, many are turning to online learning platforms to learn more about how to manage their finances. Demand for finance-related courses is up by 200% since the pandemic hit:
- Online Finance Courses: up by 200%
- Foundational Finance: up by 170%
The CEO of Skillcrush, Adda Birbir, said that she’s seen an uptick in interest in online learning since the coronavirus started. With the rise of unemployment, Americans are interested in learning new skills that can help them in their life and career.
Difficulty Making Mortgage Payments
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.” 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 tells us that people are more interested than ever on how to make money, save money and invest their money.
Sarah 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.