The respondents are likely to increase their credit card debt
Nationwide conducted a survey highlighting the major three financial concerns related to the COVID-19 pandemic among Americans.
This way, 45% of the respondents revealed being unable to pay bills or meet their financial obligations. 33% and 30% of them worry about losing their life’s savings and losing their employment, respectively.
At the same time, 24% of Americans surveyed don’t think the pandemic will impact their ability to meet their financial obligations, whereas the majority are now feeling the pressure.
As to the investors’ top financial concerns, 41% of them are afraid of losing their life’s savings mid the pandemic. Meanwhile, 34% of them are concerned about being unable to pay bills or meet financial obligations. The survey also found that 28% of American investors are worried about being unable to afford healthcare and being unable to retire as planned.
When asked about meeting their financial obligations if impacted by COVID-19, 32% of all respondents and 36% of investors revealed they would use their savings.
The report also found that 24% of people surveyed are likely to rely on delaying paying bills. At the same time, 22% and 19% of them are going to rely on one-time payment from the stimulus package and on help from family and friends, respectively. Only 13% are going to rely on unemployment insurance.
We’ve reported that changes in consumer behavior might lead to the e-payments boom. The report highlighted that online, cashless, and mobile transactions would see long-term growth since people change their spending behavior to avoid contact with the disease.