Survey shows the impact COVID-19 is having financially
As we’ve watched the COVID-19 pandemic quickly change from a health crisis to a financial one, local businesses have closed and people are working limited hours. It’s all leading to the rise of unemployment.
Hillary Adler, the Director of Content Marketing for Money Geek, helped conduct a survey to show how people are impacted.
“We wanted to get a better understanding of how Americans are being affected by the coronavirus disruption, both in terms of finances and lifestyle,” Adler said.
Her team gathered numbers that showed 54 percent of employed Americans will or have seen a decrease in their wages, and 43 percent say they won’t be able to pay upcoming bills.
“That's worrisome,” Adler said. “Given that while 53 percent of Americans can work from home, a lot of people are losing their jobs, a lot of people don't have the ability to work from home so we're going to see an increase in the unemployment number,” she said.
As unemployment increases, Adler said the survey results match what people are feeling and going through nationally.
“We’ve had 10 million claims over the last two weeks,” she said. “We feel that the latest figures back up the fear that Americans were already feeling when they took the survey.”
The effects this pandemic has caused is one many think will end soon. According to the survey, people believe it will end in eight weeks or less.
“Government officials should be actively managing expectations based on their experts and policies that they’re being led to,” Adler said. “Eight weeks would be middle-May since we’ve conducted this survey and New York has pushed (stay-at-home order) to June 15 and Virginia has pushed to June 10,” she said. “In West Virginia, Governor Jim Justice has not even provided a date yet for when the stay-at-home order is lifted, so you’re probably looking at a longer duration of time.”
Adler said based on the survey results, it’s best to take action to protect your finances during this pandemic.
“If you're one of the many people who have lost wages or lost your job, take steps to protect your finances and credit,” she said.
“If you've lost your job and you're looking for one today, there may be jobs in grocery stores, hospitals, and gig opportunities like delivery drivers,” Adler said.
To see the full survey, visit moneygeek.com.