Living through the pandemic has improved some people’s financial habits, according to the 2020 Financial Resiliency Survey conducted by KeyBank, a financial institution based in Cleveland.

At the beginning of the year, 42% of the 1,204 adults with financial responsibility in the family, said they could immediately handle an unexpected $2,000 bill. That percentage jumped to 51% by the end of September and beginning of October when the survey was taken.

In addition, 53% said they felt more financially confident in the fall than they did in the beginning of the year, and 48% said they were more financially aware because of the financial challenges presented by the pandemic.

“Given the major toll the pandemic has taken across the country—from lost income to sickness and loss of loved ones—Americans have demonstrated strength under pressure, ability to respond to a tough economic environment and resilience in the face of financial hardship,” KeyBank said in a statement.

Forty-one percent said they were spending less and saving more since the pandemic began. Among those who said they were doing so, 71% were spending less money on discretionary items, including travel, dining and entertainment. An additional 42% said they have not changed their spending habits during the pandemic, “which points to resilience in Americans' confidence to spend,” KeyBank said.

“Many people are seeing their financial journeys disrupted by the pandemic, and they are taking action to keep a sense of financial normalcy and resiliency during a trying economic time," Chris Manderfield, executive vice president of KeyBank, said in a statement. "For Americans looking to stay resilient, it's vital that they sit down with their trusted financial advisor to evaluate their financial support options.”

But getting enough sleep may be as valuable as having enough money. When asked what influenced how they felt about their financial resiliency the most, the top response was getting a good night's sleep. Having access to financial information and using digital banking tools came in a close second and third.

"There is a clear connection between mental wellness and feeling financially strong,” Manderfield said.

The respondents’ confidence in their financial well-being was divided along generational lines. Overall, 53% of respondents said they felt more confident towards the end of the year than they did in the beginning. Among Millennials and Gen Z, 60% said they felt a greater sense of financial confidence in the fall, while among those age 50 and over, 49% felt greater confidence.

“Part of the difference could be attributed to growing financial awareness among millennials and Gen Z as a result of the pandemic,” KeyBank said. Thirty-one percent of younger respondents said they had become significantly more financially aware in 2020. Overall, 22% of respondents said they had become more aware.

With the changes in consumer spending habits, financial missteps, such as impulse spending, not sticking to a budget and spending beyond their means, declined, the survey said.