While the financial impacts of the coronavirus pandemic are still developing, bill payment behavior is quickly changing as consumers tighten their spending habits and adapt to the economic uncertainty of the months to come. This COVID-19 Bill Pay Impact Report examines the financial impact of the global pandemic on the U.S. bill pay market and consumer expectations for managing their finances and paying their bills.
COVID-19 Bill Pay Impact Report Findings
● 69% of households do not have enough in savings to last four months.
○ 35% of households are not able to make it more than one month without running into a cash shortage.
● 82% are worried about making ends meet until the economy begins to recover.
○ Younger generations are more worried than Baby Boomers and older age groups.
● 59% of households are worried about their ability to cover upcoming rent or mortgage payments.
● 36% of Americans are already paying bills late or will have to in the next month.
○ Late payments are occurring twice as frequently as before the crisis.
● More people intend to start paying bills with a credit card.
○ 40% say they will start paying off their credit with installments or will decrease their usual installment payments if they already carry a month-to-month balance.
doxoINSIGHTS leverages consumer surveys and doxo’s unique aggregate bill pay data set comprised of actual bill payment activity to confirmed household service providers across the country. To learn more, download the complete report below.