Coronavirus Pandemic Further Magnifies Financial Hardships Facing Millions
In recent months, many day-to-day behaviors have shifted dramatically as the world unites in the fight against COVID-19. While health and safety is—of course—at the forefront of everyone’s mind, the pandemic has further magnified the financial hardships facing millions across the globe. In the U.S. alone, the unemployment rate continues to rise, hitting nearly 15% in April, the highest level since the Great Depression. In response, U.S. lawmakers approved the CARES Act, providing relief to the millions of Americans now struggling to make ends meet.
Stash polled its customers to better understand how consumers are coping amid the pandemic. The survey explored their changing approach to money as well as the difficult tradeoffs between financial and emotional stability.
Nearly half of Americans say their stimulus check lasted—or will last them—one week or less
Amid COVID-19, 60% of Americans stress about finances daily
Women are 7% more likely to cite money as major source of stress right now than men
As the U.S. dabbles with reopening, over a third of Americans don’t feel ready from a mental health perspective
Despite the financial uncertainty that many consumers are facing, there are small, everyday steps that can help people feel more in control of their finances: