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.
- The Kaiser Family Foundation survey report summary is available here.
- The LendingTree survey report is available here.
- An article about higher-income consumers’ health insurance bills is available here.
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 Data, on ThinkAdvisor.