Tuesday, March 24, 2020

The Toll of the Virus

A majority of Americans have already seen their finances affected by the coronavirus pandemic, according to a new survey by LendingTree. Some 63 percent of the respondents said their finances had already been affected in some way by the coronavirus, with 27 percent reporting stock market losses and 21 percent saying they had spent more money on supplies than they could afford.

Forty percent of survey participants said their paycheck had already been hit by the coronavirus’ spread. Another 35 percent had had their hours at work reduced or eliminated, and 5 percent had lost tips or commissions.

Looking ahead, 21 percent of all Americans in the survey and 28 percent of those with children under 18 expect their finances to be severely affected by the pandemic. Another 35 percent said their finances would be somewhat affected. Seventeen percent are worried about their ability to pay bills, and 10 percent had lost money on nonrefundable travel plans.

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