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How Do Americans Expect COVID-19 to Impact Their Finances?

  • Survey reveals 41% think coronavirus will have a high impact on financial health in six months
  • 41% say the U.S. economy is in a recession
  • Around half are worried about affording food, expect to miss bill payments

Forty-one percent of Americans believe COVID-19 will highly impact their financial situation six months from now, according to a new survey by debt resolution company Freedom Debt Relief and Atomik Research. Thirty-nine percent said the impact would be moderate and 15% expect a low impact.

“What we found out is that Americans are reporting notable changes in their current financial situations since the onset of the COVID-19 pandemic in the country. Even those who have not yet experienced effects are anticipating a negative impact on their personal finances and on the U.S. economy going forward,” said the report. Forty-one percent of those surveyed think we are in a recession right now, while an additional 37% think we will enter a recession within six months.

Read more: How the $2 Billion Stimulus Bill Affects You


Source: Freedom Debt Relief.

Answers also revealed that Americans are concerned about meeting basic expenses right now. Fifty-six percent said they are concerned about being able to afford to feed themselves and their families and 45% are struggling to make rent or mortgage payments. Sixty percent said part of the government’s stimulus checks would go towards groceries and 48% said some would be used to pay for utilities. Thirty-eight percent have less than $500 in in savings and checking (excluding retirement accounts). As for the next six months, almost half expect to miss payments on some bills and 41% expect to sell some assets.


Source: Freedom Debt Relief.

U.S. weekly job claims touched a record 6.6 million for the week ended March 28 as more states issued stay-at-home orders and businesses were forced to close. The St. Louis Fed estimates unemployment could jump to 32.1% as 47 million Americans lose jobs.

Thiru Venkatam: Thiru Venkatam is a distinguished digital entrepreneur and online publishing expert with over a decade of experience in creating and managing successful websites. He holds a Bachelor's degree in English, Business Administration, Journalism from Annamalai University and is a certified member of Digital Publishers Association. The founder and owner of multiple reputable platforms - leverages his extensive expertise to deliver authoritative and trustworthy content across diverse industries such as technology, health, home décor, and veterinary news. His commitment to the principles of Expertise, Authoritativeness, and Trustworthiness (E-A-T) ensures that each website provides accurate, reliable, and high-quality information tailored to a global audience.
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