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.
In addition to this report, doxoINSIGHTS has recently released data about bill payment in over 900 towns and metros across the country, including Asheville. Insights from this data as well as the COVID-19 Bill Pay Impact Report include:
The average household in Asheville pays $876 in monthly bills. This is 9.7% lower than the national average.
Residents of Asheville pay 22% of their monthly household income on bills.
82% of households are worried about making ends meet during the ongoing financial crisis. Younger generations are more worried than Baby Boomers and older age groups.
doxoINSIGHTS compiled the following data dashboard to visually represent the average monthly bills for Asheville residents. Graphic courtesy of doxoINSIGHTS
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The comments section is here to provide a platform for civil dialogue on the issues we face together as a local community. Xpress is committed to offering this platform for all voices, but when the tone of the discussion gets nasty or strays off topic, we believe many people choose not to participate. Xpress editors are determined to moderate comments to ensure a constructive interchange is maintained. All comments judged not to be in keeping with the spirit of civil discourse will be removed and repeat violators will be banned. See here for our terms of service. Thank you for being part of this effort to promote respectful discussion.