Americans are saving more during the pandemic, but also worrying more about their health-care costs, according to new findings from Northwestern Mutual’s 2020 Planning & Progress Study.

The survey found that, on average, U.S. adults have $65,900 in their personal savings (excluding funds specifically earmarked for retirement, such as a 401(k) or IRA). That is a 10% increase from the $59,737 average reported in 2019.

Before the pandemic, the U.S. Bureau of Economic Analysis (BEA) found that the national consumer savings rate was about 7.5%, Northwestern Mutual said. In April 2020, however, the government agency found that households were saving a record 33.7%. That rate has hovered around 20% in the months following the record-breaking April statistic.

Northwestern found in its study that while savings are up overall, people have significant concerns about what could take place over the coming months and years and how it might impact their finances. Among a list of financial concerns, respondents cited the rising cost of health care as their top worry, with nearly eight in 10 respondents (79%) feeling some level of anxiety (either high, moderate, or low) about it.

In addition to the cost of health care, people said they were also feeling financially anxious at the prospect of an unplanned health emergency (77%); unplanned financial emergency (77%); income flux (76%); inability to afford health care (68%); and debt (60%).

About a third (31%) of U.S. adults said financial anxiety caused them to feel depressed at least once a month. Two in 10 (21%) said it impacted their relationship with a partner/spouse at least once a month, and one-fifth (19%) said it had a monthly impact on their job performance. 

Christian Mitchell, executive vice president and chief customer officer at Northwestern Mutual, said in a news release announcing the study’s latest findings that while it was understandable that people might feel anxious during these challenging times, it was just as important not to let stress rise to unhealthy levels for reasons that were avoidable.

“Stress can be paralyzing, especially if it’s coupled with uncertainty about what ... steps can be taken,” he said in the news release. “The key is to gain control, get perspective, and take action.”

The 2020 Planning & Progress Study is a research series conducted by The Harris Poll on behalf of Northwestern Mutual. For this wave of the annual series, The Harris Poll surveyed a nationally-representative sample of 2,702 American adults, aged 18 or older, between June 26-July 10, 2020.