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article imageSurvey reveals how COVID-19 is impacting on personal finances

By Tim Sandle     May 14, 2020 in Business
The impact of the novel coronavirus on all sectors of the economy has been well-reported. But what about the impact on home finances? How are people accessing their money or applying for loans?
An indication as to how these coronavirus issues are impacting upon U.S. households has been assessed as part of a new survey. The survey has been undertaken by analysts at LendEDU. The survey looked at the opinions of 1,000 adult U.S. citizens, in order to track how the pandemic is impacting finances.
This represents the third survey conducted by the finance firm LendEDU. The finding identifies some interesting trends during the era of coronavirus. The first relates to the actions by the U.S. government to help support families. This finds that 26 percent of eligible respondents have still not received their stimulus checks.
Other indicators of household hardship include data that indicates while 52 percent of those who have been laid off have filed for unemployment benefits and sizable portion, 54 percent have yet to receive those unemployment benefits.
Amongst the portion that have yet received unemployment benefits, 79 percent of those surveyed indicated that they have already had to use funds from a savings account to cover expenses. In addition, 86 percent are worried about running out of money. Furthermore, 42 percent have had to take on more credit card debt then desired.
Old age is another concern expressed by respondents. Here 62 percent state they are concerned about their retirement savings, which is down from 72 percent on April 1, 2020 (when similar questions were asked). The drop could be due to the strong performance of the market as of late.
In terms of how COVID-19 is impacting on expenditure, the survey reveals that The average U.S. citizen has spent $987 on food and supplies since the pandemic started here in the U.S. This represents an increase of 56 percent from an earlier poll conducted in April 2020 and a huge 194 percent from March 2020.
With an eye for the future, once lockdown measures are lifted, 26 percent of respondents said it will take them between 1 and 3 months to begin going out again and spending money as consumers like they used to. Furthermore, 18 percent said it will take them 3-6 months, and 16 percent stated it would take between 2 weeks and 1 month.
These snapshots provide an indication of the challenges being faced by the majority of the U.S. population during these unusual times.
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