• Mon. Sep 28th, 2020

Coronavirus Financial Impacts Survey of March 2020 shows impacts on working families

Contributed by MoneyGeek

With unemployment numbers rising due to the COVID-19 outbreak and response, Americans feel the effects of the virus hitting their wallets hard and with no clear end in sight. MoneyGeek surveyed 1,257 people across the United States to understand how their lifestyle and individual and family finances have been impacted by the coronavirus.

Report Toplines:

  • Almost half of employed Americans can’t work from home. 47% of employed Americans say they can’t work from home. If trends of stay-at-home orders continue to go into effect across the country, the number of people not working will continue to climb.
  • American financial fragility is evident in the crisis. 54% of employed Americans surveyed say that their wages have or will decrease due to coronavirus. 43% indicate that they have a bill they will be unable to pay due to lost wages.
  • Americans expect coronavirus disruption to last eight weeks or less. We asked Americans how many weeks they thought the disruptions would last and the median answer was eight weeks.
  • 45% of Americans have delayed purchases due to the coronavirus, another 22% expect to delay a purchase soon. Respondents indicated that the types of purchases they are delaying range from birthday gifts to new homes.
  • Americans plan to clean the house while social distancing. “Watching TV” is the most frequently stated activity to keep busy while social distancing, but “cleaning” shows up as a top plan for many Americans during social distancing.

Background

MoneyGeek is a personal finance technology company, with a mission is to provide education and insight into personal finance matters and provide inclusive resources to help people make healthy and informed decisions. Important to that mission is understanding the pulse and tone of Americans’ finances today. As reports of industry closures, lost jobs, and mass bulk buying hit the news wire on a daily basis, MoneyGeek ran a nationwide survey to better understand the financial risks and lifestyle changes that have resulted from COVID-19.

Though this situation is evolving rapidly, the survey was conducted our survey in the thick of disruptions, with sentiment and awareness at its peak and financial effects being felt in the immediacy. The results yielded from the survey provide an upfront account of the quantitative and qualitative positions that Americans find themselves in and provide a behind-the-curtain look into the lives of those who are currently struggling as a result of COVID-19.

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