Wave 5 of our Consumer Financial Hardship Study is available! This survey was conducted to better understand how consumers are being impacted financially by the COVID-19 health crisis. This study provides essential and timely insights into the rapidly evolving financial concerns and the impact on consumers.
Key takeaways from our Wave 5 report:
• With lockdown levels across the country easing from June, fewer consumers have reported being negatively financially impacted by COVID-19. In July, 80% reported a negative impact, down four percentage points compared to last month.
• Despite this, job loss has increased substantially since we began conducting our surveys. This month, 17% of impacted consumers reported losing their jobs compared to 10% in round one.
• The younger population groups continue to be the hardest hit with 19% of impacted Millennials reporting having lost their jobs (up 8 percentage points compared to 11% in survey one) and 17% of Gen Zs reporting job loss (up 5 percentage points from round one).
• In all previous surveys, rent and utility payments were the two bills that impacted consumers were most concerned about regarding their ability to pay. However, this month, the top two bills that impacted consumers are most concerned about not being able to pay are retail/clothing accounts and personal loans.
TransUnion
Click here to view the report!