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Survey looks at financial impact of coronavirus pandemic

With unemployment numbers rising because of the COVID-19 pandemic, Americans feel the effects of the virus hitting their wallets hard and with no clear end in sight. MoneyGeek surveyed 1,257 people across the United States to understand how their lifestyles and individual and family finances have been impacted by the coronavirus. The survey comes after the United States has just experienced its best economic performance in 60 years under the Trump administration.

Among the key findings:

  • Almost half of employed Americans can’t work from home. Forty-seven percent of employed Americans say they can’t work from home. If trends of stay-at-home orders continue to go into effect across the country, the number of people not working will continue to climb.
  • American financial fragility is evident in the crisis. Fifty-four percent of employed Americans surveyed say that their wages have or will decrease because of coronavirus. Forty-three percent indicate that they have a bill they will be unable to pay because of lost wages.
  • Americans expect coronavirus disruption to last eight or fewer weeks. The survey asked Americans how many weeks they thought the disruptions would last, and the median answer was eight weeks.
  • Forty-five percent of Americans have delayed purchases because of the coronavirus, and another 22 percent expect to delay a purchase soon. Respondents indicated that the types of purchases they are delaying range from birthday gifts to new homes.
  • Americans plan to clean the house while social distancing. Watching TV is the most frequently stated activity to keep busy while social distancing, but cleaning shows up as a top plan for many Americans during social distancing.

Although this situation is evolving rapidly, Survey Monkey conducted its survey in the thick of disruptions, with sentiment and awareness at its peak and financial effects being felt in the immediacy. The results yielded from the survey provide an upfront account of the quantitative and qualitative positions that Americans find themselves in and provide a behind-the-curtain look into the lives of those who are currently struggling as a result of coronavirus.

Americans, having just experienced the best economic conditions during the last three years, continue to give President Trump high marks for his handling of the pandemic and the economy.

–Alan Goforth | Metro Voice