May 30, 2020         
ProfNet Expert Alerts for May 29, 2020   •   Navigating Pregnancy and Postpartum in the COVID-19 Era   •   Gynesonics Receives FDA Clearance to Market Next Generation Sonata® System 2.1   •   Shocking COVID Cover-up: Hollywood Nursing Home Forged Death Certificate To Hide Its COVID Problem; Family Sues For Accountabili   •   Asian American and Pacific Islander Communities Around the U.S. Raising Over $31 Million Worth of Donations for COVID-19 Relief   • Pays Tribute to Dad with Sweepstakes Giveaway   •   Career Partners International's Retirement Options Continues to Certify Retirement Planning Coaches   •   Maine Virtual Academy Celebrates 2020 Graduates in a COVID Era: School Will Provide Pre-Recorded Ceremonies So Families Can Acce   •   PieMatrix Offers Free COVID-19 Back to Business Tool with CDC Content Hidden by Trump Administration   •   FDA Approves the First Oral Medication for the Management of Heavy Menstrual Bleeding Due to Uterine Fibroids in Pre-menopausal   •   CORRECTING and REPLACING PHOTO Aramark Opens More Than 100 Pop-Up Grocery Stores for Frontline Healthcare Workers   •   RGENIX Shows Clinical Activity of Novel Agent RGX-202 in Patients with KRAS Mutant Colorectal Cancer in Phase 1 Trial   • Names the Best Facilities for Senior Memory Care in Springfield, MO   •   The American Legion calls for White House to protect vets 'borrower defense'   •   LetsGetChecked Debuts FDA EUA-Authorized At-Home Coronavirus (COVID-19) Sure-track Test   •   Robert Half's Lynne Smith Honored As An Influential Woman In Bay Area Business   •   Caps and Gowns Go On at Home: iQ Academy Minnesota to Celebrate Class of 2020 with Online Commencement   •   Aramark Opens More Than 100 Pop-Up Grocery Stores for Frontline Healthcare Workers   •   DeVry University Answers the Call to Reskill America With Complimentary Technology Skills-Building Video Series   •   Sephora North America Evolves Its Beauty Insider Program
Bookmark and Share

New Consumer Research from Alpha: Only 45% of Consumers Say That Accessing Cash is Important Right Now; Understanding How to Bes

NEW YORK , April 09 /Businesswire/ - Alpha, the research technology company that brands like Uber, Nestlé and Experian rely on to understand how changing consumer attitudes and behavior influence product innovation, today released the newest report in its COVID-19 Research Series.

The new report, available here, provides insight into changing attitudes toward personal finance and banking topics in light of COVID-19. Alpha’s research series was designed to keep businesses and media outlets informed about rapid shifts in consumers’ thinking in response to the coronavirus pandemic.

Alpha asked more than 400 adult Americans, ranging in age from 18-75 years old, a series of questions, including how often they use online banking, how important access to physical cash is to them, how concerned they are about their investment performance, where they’re getting advice related to coronavirus and economic conditions, and more.

Alpha conducted this survey over a two-day period using its rapid consumer feedback platform, which accesses a national panel of U.S. consumers to get feedback on changing attitudes and behaviors.

Alpha’s research reveals that among all the items Americans are hoarding during the COVID crisis, hard cash is less likely to be one of them. While spending has inevitably slowed, most people aren’t depleting their bank accounts and stashing money in their mattresses like they have in past recessions.

Key Findings Include:

  • Less Consumers Stashing Cash: Less than half of people (45%) responded that accessing cash right now is important, indicating that a slight majority (55%) trust the online banking system and don’t believe that having cash on hand is critical for most purchases they anticipate having to make. Thirty-six percent (36%) of people claim to be unlikely or very unlikely to even withdraw cash from an ATM machine right now.

  • Older Generations More Comfortable Without Cash on Hand: Somewhat surprisingly, the older generations find having cash on hand to be less important than the younger generations. Only 33% of people surveyed who were 55 and older said it’s “extremely important.” The most cash conscious age group was ages 35 - 44; 64% of which said that accessing physical cash was either important or extremely important.

  • Retirement Less of a Concern Than Immediate Liquid Investments: While personal finance and other news outlets have been focused on how retirement investments are being negatively impacted by this pandemic, our survey indicates that only 39% of people have a retirement account (401k or IRA). Meanwhile, over two-thirds (67%) of people are concerned or extremely concerned about their liquid financial investments, which are receiving relatively less attention from media, financial institutions and thought leaders.

  • Consumers Warm to Online Banking: Sixty-six percent (66%) of people responded that, in normal times, they use online banking at least once per week. There’s a clear divide when you look at the responses by household income, however: 70% of survey participants who make over $100k indicated being much more favorable of online banking in light of the pandemic, compared to 51% who make $50-$100k, 41% who make $25-$50k, and 38% who make under $25k. Overall, 47% of survey participants indicated being much more favorable of online banking than before.

  • Online Banking More Appealing Among Those Concerned About COVID-19: Those who expressed more concern about COVID-19 tended to be more in favor of online banking than those who weren’t as concerned. Sixty-three percent (63%) of people who said they were “extremely concerned” about the virus indicated viewing online banking more favorably than they had previously. By comparison, only 13% of those who said they were “not at all concerned” indicated that they viewed online banking more favorably than they did before the virus.”

“These findings have profound implications for how banking and financial institutions can better educate and serve consumers right now,” said Rob Holland, CEO of Alpha. “There has never been a more important time for businesses to understand how changing consumer sentiment can impact their products and services. For instance, it’s important for banks to know that many Americans are embracing online banking for the first time. This presents an opportunity for them to guide consumers on how to do their banking without visiting an actual location. They should also shift the conversation beyond long-term topics like retirement and toward immediate financial concerns like managing debt.”

Alpha’s complete research findings are available here. The company’s COVID-19 Research Series is led by Roddy Knowles, VP of Research, who is globally renowned for his contributions to the research field.

Alpha traditionally works with companies where consumer perspective and feedback continuously informs product innovation and key market decisions. Since the outbreak of the coronavirus in the U.S., Alpha has allocated resources to informing businesses and media on consumer sentiment surrounding high-priority topics.


The Alpha rapid consumer insights platform connects businesses to the quick and ongoing consumer feedback they need to research, test, and optimize future products. Alpha works with companies like Uber, Nestlé, Experian and approximately one-third of the Fortune 100 to deliver consumer insight from people in their target markets within 48 hours. The Alpha platform provides testing capability that generates continuous consumer feedback loops for businesses dedicated to increasing customer-centricity in constantly shifting markets. For more information, visit

STORY TAGS: Other Professional Services, Other Health, Technology, Finance, Small Business, Other Consumer, General Health, Professional Services, Women, Seniors, Infectious Diseases, Teens, Men, Software, Consumer, Health, New York, Survey, United States, North America,


White House Live Stream
Breaking News
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Sounds Make the News ®
Atlanta - WAOK-Urban
Berkley / San Francisco - KPFA-Progressive
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
Washington - WOL-Urban

Listen to United Natiosns News