A piggy bank facing a coronavirus virion (Credit: Thinkstock; NIH)

The turmoil caused by COVID-19, and by efforts to fight COVID-19, may be hitting the kinds of moderately high-income consumers who buy life insurance and annuities about as hard as lower-income consumers.

Ashley Kirzinger and other analysts at the Henry J. Kaiser Family Foundation have published evidence of that possibility in a summary of results from a telephone survey of conducted from March 25 through March 30.

The sample included 1,226 U.S. adults ages 18 and older.

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The Kaiser team found that many survey participants in all three income groups it broke out have faced employment or income problems as a result of COVID-19-related turmoil.

Here’s how shares of participants who reported suffering from a COVID-19-related economic blow looks when broken out by annual income category:

  • Under $40,000: 42%
  • $40,000 to $90,000: 38%
  • Over $90,000: 38%

LendingTree, a company with an online loan exchange, reported in March, that people who earned $100,000 or more per year, and were in its highest income category, said they had spent  an average of $219.93 on preparing for the coronavirus outbreak.

That compares with average coronavirus prep spending of just $167.25 for consumers who were earning $35,000 to $49,999.

— Read Moderate-Income Uninsured Market Is Booming: CDC Dataon ThinkAdvisor.

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