They say that crisis reveals character, and for a brief moment, the pandemic revealed surprising financial resilience.
Many Americans experienced a rare financial reset during that season, as savings rose and debt declined. But five years later, much of that progress has unraveled. Dr. Shane Enete joins us to unpack what changed—and how believers can respond faithfully in a culture gripped by renewed financial anxiety.
Dr. Shane Enete is an Associate Professor of Finance at Biola University and founded the Biola Center for Financial Planning. He is also the author of the book Whole Heart Finances: A Jesus-Centered Guide to Managing Your Money with Joy.
The Unexpected Silver Lining of the Pandemic
When the COVID-19 pandemic brought life to a standstill, something surprising happened with our money. Instead of overspending, many Americans buckled down.
Research from the Federal Reserve Bank of Boston and the U.S. Government Accountability Office showed that people used pandemic stimulus checks to reduce credit card balances and cut spending. Simultaneously, emergency fund levels rose to 20-year highs.
With fewer opportunities to spend and greater economic vulnerability, people embraced margin, paid down debt, and began saving like never before. It was a rare moment of collective financial wisdom.
The Return to Old Habits
But that moment didn’t last.
Fast-forward to today, and the picture looks far less encouraging. Credit card debt has now surpassed $1 trillion, and six in ten Americans are uncomfortable with their emergency savings, up from just 37% before the pandemic.
The decline in financial well-being is measurable. According to the CFPB’s 2024 Making Ends Meet survey, the average financial well-being score dropped from 55 to 49. This score reflects how confident households feel about meeting basic expenses, like paying bills and putting food on the table.
Even more concerning: over one in three Americans now carry more credit card debt than they have saved. And 42% say they couldn’t go even one month without income before falling behind.
Why It Matters for Christians
So, what’s going on? Why the backslide? The answer lies not just in behavior but also in belief.
Fear takes over when Jesus isn’t present in our financial decisions. We start believing that we have to carry the full weight of financial responsibility. But Scripture reminds us that we have a good Father and a faithful Shepherd who provides for His children.
As believers, we’re called to live differently—to manage God’s resources with wisdom, margin, and generosity. This begins with a mindset shift from ownership to stewardship.
Many people dread the word “budget”, but we should really see thi