Perspective

Why people on Twitter are feeling good about their financial futures

Last year was tough, but people on Twitter are optimistic about 2021. And they’re ready to start spending.

The majority of people on Twitter are in a growth stage of life and at an age where they’re establishing themselves and making big life decisions. But since the start of the pandemic, many of those important events, like buying a car, starting a family, or going back to school, have been put on hold due to uncertain financial circumstances. 

With all the changes that happened in 2020, people turned to Twitter to talk about their financial future. In fact, the conversation was up more than 26% in 2020 from 2019.1

But according to a recent Twitter survey, 2021 is a year full of financial optimism. People on Twitter are feeling better about their future and are ready to start thinking about big life moments again. And that means they’re reappraising which financial services providers will help them tackle these new challenges, making now the perfect time for brands to join the finance conversation on Twitter.

After a year of cutting back...

It’s no secret that last year was a tough one. With a large number of industries affected by social distancing protocols, many experienced layoffs, furloughs, or reduced hours, which impacted their financial situations. According to our study, 46% of people surveyed say their finances were negatively impacted by the pandemic.2

While people were spending more on categories like groceries and self-care, they cut back on things like home improvements, travel, and shopping.3

...the future’s looking bright.

Despite the challenges of 2020, people have a bright outlook on this year — especially those on Twitter. According to our survey, people who use Twitter are 2.4X more likely to be optimistic about their finances heading into 2021 than people who don't use Twitter.4

And not only are they optimistic, they’re ready to spend. After passing the time last year baking banana bread, people are excited to be able to drop cash on travel and clothes (clothes other than pajamas, that is). 

In addition to a few new outfits, people on Twitter are also planning for more big life moments in 2021. Invigorated with more optimism for the year ahead, they’re more confident investing in milestone moments like buying a new car or starting a family.

Finding a financial partner

This year may be the year of big life moments, but those changes start with being prepared ahead of any significant spending. People surveyed on Twitter are more likely to reevaluate their financial services providers more than people not on Twitter. 

So many people on Twitter are in the growth phase of life, making it the go-to place for brands looking to connect with people who want to talk about their financial futures. And since 2021 is the year of financial optimism, those people are ready to start planning. 

They’re looking for new auto insurance providers for their new car purchases. They’re looking for banks to meet their personal finance needs in an increasingly digital world. They’re looking for lenders and home insurance providers for their new home purchases. The pandemic has made people reevaluate so much in their lives, and their financial partners are no exception. 

Now’s the time to join the conversation and reach them on Twitter.

Jeff Melei (@jmelei) leads Financial Services partnerships at Twitter in the US. In his role Jeff and his team help Fortune 500 companies achieve their business objectives by utilizing Twitter’s suite of full-funnel marketing solutions.

Source:
1. Twitter Internal Data. 
From January 1 to October 31 of each year. 
US Only. Data retrieved November 2020.
2. Twitter Insiders US. Base: Twitter Users (n=693), Non-Users (n=504)
3. Twitter Insiders US. Base: Twitter Users (n=693), Non-Users (n=504)
4. Twitter Insiders US. Q13 Base: Twitter Users (n=693), Non-Users (n=504)

March 19, 2021
Tags
  • Perspective
  • North America
  • Financial Services

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