[WalletHub\Covid-19 Survey]
WalletHub’s Jill Gonzalez: “Around 160 million Americans (63 percent) are in danger of financial ruin due to the pandemic, reporting that they are less than three months away from running out of money.”
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According to a WalletHub survey, 84 percent of Americans want another stimulus package to address the disastrous economic effects of COVID-19.
Here are key findings from WalletHub’s survey:
- Many people are at risk of going broke: Nearly 160 million Americans are less than three months away from running out of money.
- Americans want unemployment insurance to match wages: Around 56 percent of Americans don’t think people’s unemployment income should be more than their previous income.
- People are generous during the pandemic: A third of Americans say they will donate part of their stimulus money to coronavirus relief.
- The young want checks based on financial impact: Millennials are 25 percent more likely than baby boomers to think that stimulus checks should only be given to people experiencing income loss.
- Americans think non-impacted businesses shouldn’t get aid: 70 percent of Americans believe that government help should only be given to businesses with a revenue loss.
Q&A with WalletHub Analyst Jill Gonzalez
Will Americans spend their stimulus checks responsibly?
“Most Americans will spend their stimulus checks responsibly. The greatest percentage of people will use their check for mortgage or rent payments, followed by savings and then food purchases. About a third of Americans will be generous and donate part of the money to coronavirus relief,” Gonzalez. “Unfortunately, almost one in 10 Americans will use their check for drugs, alcohol or tobacco.”
Do Americans think unemployment insurance should exceed normal incomes?
“The majority of Americans, nearly 56 percent, think that no one should receive unemployment insurance that is greater than their income before the pandemic,” said Gonzalez. “However, different demographics have different opinions. Only 43 percent people aged 18 to 29 think unemployment insurance should never exceed former income, while 60 percent of people aged 59+ do.”
How are Americans holding up financially during the pandemic?
“Around 160 million Americans (63 percent) are in danger of financial ruin due to the pandemic, reporting that they are less than three months away from running out of money. That’s why it comes as no surprise that the vast majority of people want another stimulus check,” said Gonzalez. “The situation is even more dire for certain populations – 75 percent of low-income households are less than three months away from running out of money, compared to 50 percent of high-income households.”
Do Americans think everyone should get stimulus money?
“Most Americans, at 62 percent, think every person should get a stimulus check, but attitudes change with age. Millennials are 25 percent more likely than baby boomers to think that stimulus checks should only be given to people experiencing income loss,” said Gonzalez. “Most Americans don’t think every business should get government aid, though, with 70 percent of people saying relief should only go to businesses that have experienced revenue loss.”
The complete WalletHub survey results can be found at https://wallethub.com/blog/ coronavirus-government-money- survey/73544/.
