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Coronavirus is disrupting personal finances and spending plans

In terms of the impact of the coronavirus pandemic upon smaller-scale enterprises, the new data finds that 35 percent of small business owners are reporting that their business cannot survive more than three months under the current conditions.

However, the WalletHub data finds there are significant variations between U.S. states. For example, the states with the most affected businesses are:

1. Hawaii
2. Nevada
3. South Dakota
4. Mississippi
5. South Carolina
6. Louisiana
7. Arizona
8. Nebraska
9. North Carolina
10. North Dakota

In contrast, the areas of the U.S. least impacted include District of Columbia, Massachusetts, and Pennsylvania. To arrive at these findings, 12 different metrics were used, such as higher-risk businesses, numbers of employees, and business expenditures.

In the context of 10 million U.S. citizens losing their jobs in March 2020 alone, WalletHub compiled a separate survey examining the states where people are most likely to need loans in the wake of the coronavirus situation. Such data is important, as a rise in those pursing a loan indicates that more people in the state are struggling to make ends meet.

States where people are making the highest number of loan applications were found to be:

1. South Carolina
2. District of Columbia
3. Virginia
4. Alabama
5. New York
6. Florida
7. Pennsylvania
8. Massachusetts
9. Georgia
10. California

In contrast, lower levels of loans have been granted in states like North Dakota, Wyoming and Montana.

A third area of study has looked at people’s personal spending, which is a sign of financial confidence (or otherwise), specifically focusing on spending pans over the Easter weekend. Here the data shows 68 percent of U.S. citizens who observe Easter have indicated that their Easter spending will be affected by the coronavirus this year. As an example, close to half of Easter-celebrating people have said they are skipping out on candy, new outfits and Easter foods this year, in contrast with prior years.

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Written By

Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, business, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.

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