Financial satisfaction of people in the U.S. rebounded strongly in the third quarter of the year, according to a new survey by the American Institute of CPAs, reversing the lows in the second quarter in the midst of the recession brought on by the novel coronavirus pandemic.
The AICPA’s Q3 2020 Personal Financial Satisfaction Index measured 33.1, representing a whopping 99 percent (16.5 point) increase from the previous quarter. That’s the biggest quarterly increase in the 27-year history of the PFSi, and a complete turnaround from the second quarter, when the index had its largest ever quarterly drop.
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Nate Fleming works as an analyst at Forrester Research on the CIO team, covering software and services that enable the product development organization. He writes research for business-minded CIOs, CTOs, VPs of product development, and VPs of engineering who are seeking software and services support in an era of democratized product development that requires modern product development methodologies, cross-functional collaboration, as well as data-driven processes and product design. Nate has done extensive research, inquiry, and advisory covering the dynamics of the product lifecycle management (PLM) software market and the software product development services market, rounding out a coverage area that seeks to enable stakeholders bringing both physical and digital products to market.
Nate’s recent research at Forrester focuses on the democratization of the PLM software space, including a TechRadar™ that covers the range of technology functionalities that comprise the PLM software suite today and over the next five years. His software product development services coverage includes a Forrester Wave™ evaluation that outlines how services partners are helping customers implement customer-facing digital platforms that put software at the center of their brand. These two spaces coalesce in Nate’s research on the convergence of physical and digital product development and what that means for organizations looking to create or integrate with internet-of-things (IoT)-enabled products.
Previous Work Experience
Prior to becoming an analyst, Nate was a researcher and senior research associate on the application development and delivery (AD&D) and CIO teams.
Education
Nate holds a B.A. in history from Ithaca College.
Antonis Papatsaras is chief technology officer at SpringCM.
The PFSi is built around various factors, including the labor market. The gains can be mainly attributed to improvements in job openings per capita and underemployment. Those had the biggest impact on increasing the overall PFSi. The biggest factor driving the quarter-over-quarter rally was a 35 percent (37 point) decrease in underemployment. A decrease in underemployment improves overall financial satisfaction in the index. While there was an improvement in underemployment in the third quarter from Q2’s record high, it’s still 117 percent above its level a year ago. For the second consecutive quarter, underemployment is still the biggest negative contributor to the average American’s personal financial satisfaction. The Q3 underemployment level reflects data measured through the middle of September.
“As Americans continue to navigate the economic impact of the COVID-19 pandemic, it is important to remember that the fundamentals of financial planning haven’t changed,” said AICPA PFS Credential Committee chair Dave Stolz in a statement Thursday. “Though the stock market’s record performance is encouraging, 2020 has served as a reminder of the volatile nature of markets. As the impact of COVID-19 continues to play out across the country, investors should weigh their risk tolerance and ensure they have ample cash on hand. Further, a tax-efficient financial plan that includes a diversified portfolio can give confidence that long-term financial goals will remain within reach through this period of extreme uncertainty.”
The coronavirus put millions out of work, prompting job openings per capita to show a record plummet earlier this year. In the third quarter, job openings started to recover, climbing 37 percent (20 points) compared to Q2. That factor is now only 10 percent below its measurement a year ago before the pandemic. The Q3 index comes from July data from the U.S. Bureau of Labor Statistics.
