doxoINSIGHTS COVID-19 Bill Pay Impact Report: October 2020
In April of 2020, just as the pandemic had begun, we conducted our first COVID-19 Bill Pay Report that examined consumer expectations for managing their finances and paying their bills during this trying time. Now, seven months into the crisis, we are releasing a new report that examines the actual financial impact of the global pandemic on the U.S. bill pay market.
Among other things, our data shows that more than half of all Americans have seen a reduction in income as a result of the COVID-19 crisis. As a result, many have indeed struggled to pay their bills, as anticipated back in April. Further, with no end in sight for economic recovery, it is clear that consumers remain not only worried about their ongoing ability to pay bills, but how the pandemic will impact their future financial health.
Key findings from the doxoINSIGHTS COVID-19 October 2020 Bill Pay Report include:
Over half of consumers have been financially impacted by COVID-19
- 57% have seen a reduction in income due to the pandemic
Consumers have struggled to pay their bills over the last 6+ months
- 42% of Americans have skipped paying one or more bills since the COVID-19 pandemic started:
- 27% have missed auto loans
- 26% have missed utilities
- 25% have missed cable/internet
- 20% have missed rent
- 19% have missed mobile phone
- 17% have missed mortgage
- 17% have missed alarm/security
- 15% have missed auto insurance
- 14% have missed dental insurance
- 13% have missed life insurance
- 10% have missed health insurance
Consumers have had to squeeze discretionary spending
- 70% of consumers have delayed making big purchases
Consumers are worried about their future ability to pay bills
- 77% believe that if they were to lose their job, they would only have enough runway for six months or less; 62% believe they could only pay their bills for three months or less, and 35% believe they could only do so for one month or less
- 30% of consumers believe they will need to ramp up the use of their credit cards to pay their bills
- 39% believe that they will need to skip paying at least one or more bills in the future:
- 29% are likely to skip cable/internet
- 28% are likely to skip utilities
- 28% are likely to skip rent
- 26% are likely to skip auto loan
- 26% are likely to skip mobile phone
- 21% are likely to skip their mortgage
- 21% are likely to skip auto insurance
- 19% are likely to skip alarm & security
- 17% are likely to skip life insurance
- 16% are likely to skip dental insurance
- 15% are likely to skip health insurance
Consumers continue to be concerned with the future of their financial health
- 75% of consumers continue to be very worried about the future of their financial health, down only slightly from the 82% who were worried when the pandemic first started