New Credit Sesame data looks at economic impact amid COVID-19 | Credit Sesame

Summary

• Study discovered that 71% of customers changed major life plans because of COVID-19
• 87% of consumers changed spending habits
• One in five lost their job previously 30 days

A new Credit Sesame survey in excess of 1,000 Credit Sesame customers at the begining of April 2021 discovered that the coronavirus has forced 71% of these to change major life plans, with 22% delaying a vacation, 10% delaying buying a house, 3% delaying a marriage, and 2% delaying the divorce.

The study aimed to understand how the current climate is impacting finances and financial decision-making. Eighty-four percent (84%) of Credit Sesame customers (like two-thirds of american citizens) live paycheck-to-paycheck; 87% of consumers have changed their spending habits, with 41% reducing ordering food for delivery or takeout.

We also learned that one in five customers lost their job in the past Thirty days and, of those respondents, 34% tight on than $100 in savings. Fifty-nine percent (59%) believe they will qualify for the stimulus check, with 21% of those respondents likely to put a minimum of some of that money into savings.

Additional COVID-19 Survey Insights

• COVID-19 is forcing some Americans to obstruct major life plans – 71% needed to hit the brakes
• • • 22% delayed a vacation
    • 13% delayed a relocation
    • 10% delayed buying a house
    • 3% delayed a wedding while 2% delayed a divorce
    • 1% delayed looking to get pregnant/adopt
    • 20% delayed other plans
• How Americans are trying to save right now
• • • 41% are cutting back on ordering food for delivery/takeout
    • 11% canceled a relevant video streaming service like Netflix
    • 7% canceled a music streaming service
    • 6% canceled a newspaper/magazine subscription
• Job loss is real
• • • 20% lost their job within the thirty days prior to the survey conducted
      • Of that cohort, 34% had under $100 in savings
• Filing for unemployment hasn't gone so smoothly
• • • Of the 12% who've filed for unemployment in the last 30 days, a shocking 61% experienced challenges in trying to get unemployment, including:
      • Difficulty navigating the internet application
      • Delayed responses
• 59% of respondents think they'll entitled to the stimulus check, here's how they intend to spend the cash:
• • 21% intend to put a minimum of a few of the payment towards savings
  • 19% intend to place it towards rent while 6% intend to spend it on their own mortgage payment
  • 18% will place it towards charge card debt
  • 19% will spend it on groceries
  • 2% plan to put it towards their education loan payment
  • 1% intend to spend it on COVID-19 related medical expenses and 4% on non COVID-19 related medical expenses

For more helpful information and resources related to COVID-19 and its economic impact, be sure to make reference to our Guide to Managing Your Finances and Protecting Your Credit Throughout the Coronavirus Pandemic.