Most Americans have already felt the impact of the coronavirus pandemic on their finances, and close to half are worried about affording where they live, according to a recent survey.
Around 63% of Americans say their personal finances have taken a hit as a result of the coronavirus, LendingTree says, citing its survey of 1,050 Americans conducted on March 13. More than a quarter of the respondents say they’ve lost money in the stock market and 21% say they’re spending more on supplies than they can afford, according to the online lending firm’s survey.
Additionally, around four in 10 respondents say their paycheck has taken a hit as a result of the pandemic, and the figure rises to 44% of employed millennials and 51% of employed Generation Z members, LendingTree found.
Moreover, 44% of respondents are concerned about paying their rent or mortgage and 23% worry about being able to cover credit card bills, according to the survey.
Finally, 17% of respondents worry about paying for medical treatment if they contract the virus, LendingTree found.
The long-term repercussions of changes in consumer behavior caused by the virus are likely to be grave, according to Tendayi Kapfidze, chief economist at LendingTree.
"The changes in consumer behavior will likely lead the U.S. into recession," he says 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."
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