Coronavirus: financial stress statistics 2020. Recent research focuses on how COVID-19 has negatively impacted personal finances in the U.S.
The coronavirus continues to spread across the U.S. but over 40 percent of Americans are more worried about losing their jobs and making rent than they are about getting sick.
With the economy at a standstill, financial stress is at an all-time high. Recent surveys have asked Americans to open up about the impact the pandemic has had on their finances.
Coronavirus: Financial Stress Statistics 2020
How Has the Coronavirus Impacted Financial Stress?
According to research by Freedom Debt Relief:
- 27 percent of Americans have already experienced a furlough, layoff or job loss because of the pandemic.
- 56 percent of Americans are concerned about being able to afford to feed themselves and their families.
- 45 percent are struggling to make their rent or mortgage payments and 36 percent say they are likely to miss a payment in the next six months.
- 38 percent say they will miss a utility payment within the next six months.
- 30 percent are likely to miss their health insurance premium or a student loan payment in the next six months.
- 36 percent anticipate carrying a balance on their credit card for groceries.
- 21 percent anticipate carrying a balance on their credit card for utilities.
- 18 percent anticipate carrying a balance on their credit card for TV/Internet.
How Do Americans Plan to Spend Their Check from the CARES Act?
According to research by Crediful:
- 47 percent plan to spend their stimulus check on groceries.
- 46 percent plan to spend it on utilities.
- 42 percent plan to put it in savings.
- 28 percent plan to spend it on their rent or mortgage.
- 26 percent plan to spend it on their credit card debt.
- 16 percent plan to spend it on toiletries
- 13 percent plan to spend it on health or medical supplies.
- 10 percent plan to spend it on stocks and investments.
- 9 percent plan to spend it on student loan debt
- 7 percent plan to spend it on clothing.
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