The COVID-19 pandemic had a staggering impact on the U.S. in 2020, both in terms of public health and the economy. Though the country is making steady progress with vaccination, reopening and job gains, it will still be months before we can restore normalcy.
Though the situation in the U.S. has begun to improve, and the government has provided multiple stimulus packages, many people are still reeling from the damage done by the pandemic. In fact, 145 million Americans say they cannot afford another year like 2020, according to a nationally representative survey conducted by WalletHub. The survey gauged how coronavirus has affected Americans’ lives and spending habits.
Below are some more highlights from WalletHub’s survey, along with additional insight from a panel of experts.
Key Stats
- Money problems are a huge source of stress. Money problems have now surpassed COVID-19 as being the top stressor in America, a 15% change since last year.
- The pandemic causes more need for credit cards. 29 Million more Americans say they will apply for a new credit card this year due to coronavirus, compared to last year.
- Women’s spending has increased more. Women are 16% more likely than men to say they spend more money due to coronavirus.
- Many Americans have decided to start saving. 61% of Americans are saving more money during the coronavirus pandemic, rather than spending more.
- Touching cash is less scary. About 30% fewer people than last year believe it is possible to contract COVID-19 from money.
Ask the Experts
The pandemic has shifted Americans' spending habits. To provide more insight, WalletHub turned to a panel of experts. Click on the pictures of the experts below to see their bios and responses to the following key questions:
- Why do you think many Americans said they cannot afford another year like 2020?
- Why is it that more Americans are saving more money than spending it due to COVID-19?
- Money has now surpassed COVID-19 as the top stressor for Americans, why do you think that is?
Ask the Experts
- Jeffrey H. Kahn
Harry M. Walborsky Professor and Associate Dean for Business Law Programs – Florida State University, College of Law
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- John Plecnik
J.D., LL.M. – Associate Professor of Law; Director, Master of Legal Studies, Cleveland-Marshall College of Law – Cleveland State University
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- Ann Murphy
Professor, Gonzaga University School of Law
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- Luke Richardson
Instructor, Lynn Pippenger School of Accountancy, Muma College of Business – University of South Florida
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- James Edward Maule
Professor of Law, Charles Widger School of Law – Villanova University
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- Andrew D. Appleby
Assistant Professor of Law – Stetson University College of Law
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Survey Methodology
This report reflects the results of a nationally representative online survey of over 750 people.
After all responses were collected, we normalized the data by age, gender and income so the sample would reflect U.S. demographics.
Full Details Overall
| Do you anticipate having trouble paying your credit card bills because of the coronavirus? | |
|---|---|
| No | 72% |
| Yes | 28% |
| Which stresses you out the most right now? | |
| Money problems | 30% |
| Coronavirus | 28% |
| Job | 14% |
| Relationships | 12% |
| Climate change | 9% |
| Terrorism / Mass shootings | 7% |
| Should credit card companies forgive late payments in light of issues related to the coronavirus? | |
| Yes | 79% |
| No | 21% |
| Have you canceled (or do you plan to cancel) any travel bookings due to the coronavirus? | |
| No | 57% |
| Yes | 43% |
| Do you think it’s possible to catch the coronavirus from money? | |
| Yes | 57% |
| No | 43% |
| Are you spending more or saving more money due to the coronavirus? | |
| Saving more | 61% |
| Spending more | 39% |
| Are you going to apply for a new credit card because of the coronavirus? | |
| No | 89% |
| Yes | 11% |
| Roughly how much more are you spending on groceries because of the coronavirus? | |
| Same amount | 47% |
| 25% more | 22% |
| 10% more | 22% |
| 50% more | 7% |
| 100% more | 2% |
| Can you afford another year like 2020? | |
| No | 57% |
| Yes | 43% |
| Which of these things do you plan to spend less on during the coronavirus outbreak? (select all that apply) | |
| Concerts, sports and/or movie tickets | 63% |
| Travel | 62% |
| Bars & Restaurants | 56% |
| Social functions (parties, dating, etc.) | 47% |
| Public Transportation | 42% |
| Uber/Lyft/Taxis | 36% |
Note: Percentages may not total 100% due to rounding.