A majority of Americans have seen their finances affected by the coronavirus pandemic and are worried about financial instability because of the outbreak, according to a new LendingTree survey.
Qualtrics conducted the online survey on March 13 among 1,050 Americans.
Sixty-three percent of respondents said their finances had already been affected in some way by the coronavirus, with 27% reporting stock market losses and 21% saying they had spent more money on supplies than they could afford.
Seventeen percent worried about their ability to pay bills, and 10% had lost money on nonrefundable travel plans.
“The changes in consumer behavior will likely lead the U.S. into recession,” LendingTree’s chief economist, Tendayi Kapfidze, said in a statement. “After an initial boost in consumption due to preparation, spending is set to contract sharply as broad sectors of the consumer economy shut down.”
Looking ahead, 21% of all Americans in the survey and 28% of those with children under 18 expected their finances to be severely affected by the pandemic. Another 35% said their finances would be somewhat affected.