Financial impact of COVID-19: 82% of Americans worry about making ends meet


SEATTLE–()–While the financial impact of the coronavirus pandemic is still unfolding, bill-paying behavior is changing rapidly as consumers streamline spending habits and adjust to the economic uncertainty of the coming months. Unfortunately, new data suggests Americans have reason to worry about their finances, as 69% of households don’t have enough savings to sustain themselves for more than four months. Findings come from doxoINSIGHTS COVID-19 Bill Pay Impact Report from the leading mobile and web bill payment service doxo, which examines the financial impact of the global pandemic on American homes and outlines how consumers plan to pay their bills. The full report can be downloaded at www.doxo.com/insights.

Findings of the COVID-19 Bill Pay Impact Report:

  • 69% of households do not have enough savings for four months.
    • 35% of households cannot go more than a month without a cash shortage.

  • 82% are afraid to make ends meet until the economy recovers.
    • Younger generations are more concerned than baby boomers and older age groups.

  • 59% of households are concerned or very concerned about their ability to make upcoming rent or mortgage payments.
    • For rent, auto loans, mortgages and utilities, at least 58% of consumers are concerned or very concerned about staying current with bills due in the coming months.

  • 36% of Americans are already late paying their bills or will be paying them within the next month.
    • Late payments are twice as common as before the crisis.

  • More and more people intend to pay bills with a credit card.

“We can see how the COVID-19 crisis has had a direct and immediate impact on bill payments as Americans face the challenge of reduced incomes and are managing household cash flow to try to weather the crisis,” he said Jim Kreyenhagen, VP of Marketing and Consumer Services at doxo. “Household bills account for over 50% of total spending and typically include consumers’ most important financial obligations. These doxoINSIGHT reports align with our overall mission to provide our users with the data, transparency and payment options they need to stay on top of bills and achieve better financial health.”

doxoINSIGHTS leverages consumer surveys and doxo’s unique aggregated bill payment dataset, composed of actual bill payment activity to verified home service providers across the country. doxo Bill Payment Statistics brings together the broadest available dataset analyzing actual household payment activity, drawn from over 3 million paying consumers in all 3,007 US states. The doxo payment network includes over 60,000 billers in 45 different service categories and enables payments via bank accounts, credit or debit cards. As the doxo bill pay network continues to expand, this data set includes the most comprehensive US bill pay data available.

this doxoINSIGHTS COVID-19 Impact Report and other reports on the bill payment market can be found at www.doxo.com/insights.

About doxo

doxo is a simple, secure, all-in-one bill payment service that enables secure payment to any biller, with any payment method, on any device. doxo currently serves over three million paying users who can make payments to over 60,000 local and national businesses, making doxo the largest bill payment directory in the country. billers in the network They get paid directly, quickly and free of charge – and consumers are completely independent of when and how they pay their bills. doxo has grown its user base by more than 70 percent in the past year and is expanding its team to further accelerate growth and transform the bill pay landscape towards customer centricity. doxo investors are MDV, Sigma Partners and Bezos Expeditions. doxo is based in Seattle, WA.

For more information visit www.doxo.com.

Previous Property tax deadlines have been pushed back, but lenders want cash
Next Congress seals deal on $900 billion Covid relief bill