doxoINSIGHTS Survey Shows Personal Financial Health, Not Just the Overall Economy, is Key Voter Consideration in the Presidential Election
SEATTLE – October 6, 2020 – doxo, the innovative web and mobile bill pay service, today released new survey data that examined how the personal financial impact of the global COVID-19 pandemic relates to voter sentiment. With 70% of voters saying that recent changes to their financial health are impacting how they vote, the latest doxoINSIGHTS survey of household bill payers shows just how big of a role economic uncertainty is playing in the election. Additionally, the data found that while nearly half of all of those surveyed have received relief from the CARES Act, 57% believe these benefits will run out in another month or less.
“Seven months into the COVID-19 pandemic, our data continues to showcase the very real challenge that consumers are facing as they fight to keep their own financial health intact,” said Jim Kreyenhagen, VP of Marketing and Consumer Services at doxo. “Our latest doxoINSIGHTS survey found that as consumers struggle to pay their bills, their confidence in a quick economic recovery – for both the country, and themselves – remains very low. As a result, it is not surprising that 70% of voters say their personal financial health is greatly impacting how they vote in this year’s presidential election.”
Key findings from the doxoINSIGHTS survey of household bill payers include:
Consumers Believe That U.S. Economic Recovery (& Their Own) Will Take a Long Time
According to Pew Research, the economy is the number one issue for consumers in the 2020 election. This doxoINSIGHTS survey shows that consumers believe we have a long way to go before a recovery, both at a macro and micro level:
- 65% of voters believe the economy will take more than one year to recover.
- 60% of voters believe it will take seven or more months for their own households to recover; 35% say more than a year.
While Many Americans Benefited from the CARES Act, the Money is Quickly Running Out
The House passed a new stimulus bill on October 1st, but it has been held up in the Senate, creating uncertainty and further delay for American households. doxoINSIGHTS data shows that while many Americans have benefited from government assistance to help with financial hardship during the pandemic, the money that they initially received is quickly running out:
- 47% of households surveyed received assistance from the government during this time.
- Of those that have received benefits, 57% believe these benefits will run out in another month or less.
Personal Financial Health is Impacting Voting Decisions
Individual household recovery is expected to take more than seven months for the majority of Americans, according to the doxoINSIGHTS survey. This, coupled with the fact that government assistance is quickly running out, means personal finances, not just the macro economy, are a key factor in the decision process for a majority of voters:
- 70% of voters say recent changes to their own financial health are impacting how they vote.
Full details from the doxoINSIGHTS survey of household bill payers can be found at: https://www.doxo.com/insights/cares-act-impact-on-bill-payers/.
doxoINSIGHTS provides direct insight into household financial health and spending activity by leveraging consumer surveys and doxo’s unique aggregate bill pay data set, comprising actual bill payment activity to confirmed household service providers across the country. doxo data brings together the broadest available data set for analyzing actual household bill payment activity, pulling from over 4 million paying consumers across all 3,007 U.S. counties. doxo’s payment network covers over 70,000 billers in 45 different service categories and enables payments using bank accounts, credit cards or debit cards. This uniquely broad statistical foundation powers doxoINSIGHTS reports – uncovering key trends for household financial health and bill payment behavior.
doxo provides simple, secure all-in-one bill payment to any biller, with any payment method, on any device. A doxoPLUS subscription adds free bank payments and five essential financial protections that boost household financial health. Through these services, doxo currently serves over four million paying users who can make payments to over 70,000 local and national businesses, making doxo the largest bill pay directory in the nation. Billers on the network get paid directly, fast and free – and consumers have complete bill pay independence over when and how they pay their bills. doxo expanded its user base by more than 70 percent in the past year and is expanding its team to further accelerate growth and change the bill pay landscape to focus on the customer. doxo investors include MDV, Sigma Partners, and Bezos Expeditions. doxo is based in Seattle, WA. For more information visit www.doxo.com.