The Financial Impact Of COVID-19 On US Consumers

In response to COVID-19, US consumers are cutting down spending on nonessentials, boosting savings, and relying on credit cards and government benefits; some are also planning ahead by optimizing their investments and insurance coverage. US adults between 25- and 44-years old, with incomes below $75,000, with dependent children, or who have been temporarily laid off, are the most anxious about their financial situation regarding COVID-19 economic challenges. US consumers have seen a reduction in their earnings due to COVID-19, forcing them to reduce consumption, postpone big purchases, and delay important life events — all of which will impact banks’ profits going forward.