The financial impact of the COVID-19 pandemic continues to be widespread and deep. In our most recent survey (wave four), 84% of consumers stated that they were negatively impacted financially and 91% of those are concerned about their ability to pay their bills and loans.
Job loss has increased substantially since we began conducting our surveys. This month, 16% of impacted consumers reported losing their jobs compared to 10% in wave one.
Millennials remain the hardest hit, with 19% having lost their jobs to date compared to 11% in wave one.
Thirty-five percent of impacted consumers are paying only a partial amount of their bills and loans, which likely reflects their desire to preserve cash flow.
Consumers continue to borrow against their savings to close financial shortfalls, with 38% reporting this option as part of their game plan, up a significant eight percentage points compared to the prior wave of our survey.
A further indication of consumer financial stress: 21% of consumers surveyed reported that they had financial accommodations such as deferral or forbearance with their lenders and service providers. Auto loans, personal loans and credit cards were the top three products for which consumers most frequently received accommodations.