Prolonged financial impact: Of respondents, 78% said their household income was negatively impacted by the pandemic, either currently or in the past. Currently, 55% of households report being negatively impacted, and 61% expect to be impacted in the future. This concern is more apparent in younger consumers: 65% for Gen Z, 63% for Millennials, 58% for Gen X, and 46% for Baby Boomers.
Rising concern regarding paying debts: A significant 72% of currently impacted respondents are concerned about their ability to pay current bills/loans in full, and 42% said they’ll not be able to pay their bills in less than four weeks. Auto lease, personal loans and rent are the top payment categories currently impacted respondents cited as unlikely to be able to pay.
Tapping into other sources and making reductions: Respondents currently impacted are more likely to use money from savings (44%), borrow money from personal networks (41%), or take personal loans (27%) to pay current bills and loans. Among all respondents, 52% said they’ll decrease discretionary personal spending (e.g., eating out, travel, entertainment), and 49% said they’ll decrease large purchases like appliances and cars.
Credit Monitoring Importance: Among all surveyed, 94% felt it’s at least moderately important to monitor their credit.
Digital fraud schemes taking a toll: Phishing, charity and fundraising scams are the most common COVID-19-related digital fraud schemes used against consumers. Among those who have been targeted, 37% cited phishing and 26% fundraising scams.
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