Release Date: April 13, 2020
Study: Due to COVID-19 45% of Americans Are Having Trouble Paying Bills
—2020 ‘Coronavirus Impact’ Survey Data Released by First National Bank of Omaha—
PLUS: 59% Report Loss of Income as a Result of Coronavirus
OMAHA, Neb. April 13, 2020—First National Bank of Omaha (FNBO) today released the results of its Coronavirus Impact Survey, which examined Americans’ perceptions, priorities and the effects of the coronavirus on their finances—covering topics including stimulus checks, debt relief and charitable giving.
According to the survey, 59% of U.S. adults say they have experienced a loss of income as a result of the coronavirus. 45% report they are having trouble paying bills, while 52% report they do not have enough savings to cover three months with no income. Additionally, for those who expect to receive a stimulus check, 38% plan on paying off necessary expenses, 21% plan on putting it into savings, 15% plan on paying off debt and 3% plan on investing the funds.
“Unemployment is at an all-time high and may continue to climb, bringing with it financial struggles that many Americans have not faced before. Those in need should focus stimulus check funds on paying essential bills. At the same time, if your budget allows, we encourage all individuals to help stimulate the economy by shopping local, wherever you can,” said Sean Baker, executive vice president, Retail Banking, First National Bank of Omaha. “It’s important to be financially savvy and well informed at all times, and we encourage Americans to reach out to their banks for the tools and resources they have available to help navigate these unprecedented times.”
Among the survey’s additional findings:
- SHOPPING LOCAL: 66% of Americans are making a greater effort to purchase from local businesses, and 45% report they have made an effort to tip higher than normal.
- STOCKS: 93% are confident that the stock market will eventually bounce back.
- CHARITABLE GIVING: 80% have not donated funds to a coronavirus crisis relief effort.
- RELIEF: 83% of respondents have not talked to their banks about relief, and 84% are not receiving any kind of debt relief.
- JOB SECURITY: 42% percent of respondents report they are currently unemployed. Of those respondents who are employed, 31% are confident of their job security despite the coronavirus, while 19% of those employed are concerned about their job security.
When asked about their current financial challenges, 41% report paying off necessary living expenses, 23% report paying off debt and 22% report saving for retirement.
This survey is a follow-up to First National Bank of Omaha’s 2020 Financial Planning Survey, in which 49% of U.S. adults say they expect to be living paycheck to paycheck in 2020. The Coronavirus Impact Survey was conducted the week of March 30, 2020.
This survey was conducted online using Survey Monkey among a national sample of 1,017 adults spanning across U.S. geographic regions and income levels. The survey sample was weighted to reflect the gender distribution and the age distribution across the 18-44 and 45+ age brackets in U.S. census data.
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