Consumer Pulse Wave 10

We’ve just released the latest TransUnion US Consumer Pulse Study — a quarterly survey exploring how consumers’ personal finances have changed and what changes they expect in the future. Here are the key takeaways:  

• In the fifth month of this study, over half (55%) of Americans continue to be impacted financially by COVID-19. Despite overall relative stability throughout, it is clear that financial hardship has disproportionately affected some consumer segments. Seventy-two percent of consumers who self-report living under major restrictions indicate impact, compared to 46% of those with minor restrictions. The Midwest (49%) and Northeast (56%) report decreases in financial impact since wave nine (-6 pp and -5 pp, respectively) while the South and West are flat (56% and 57%). At the state level, there are some marked variances. Notably, Illinois (-15 pp to 52%) and Ohio (-10 pp to 43%) drove decreases in the Midwest, while in the South, Texas reports its highest impact level to-date (62%) and Georgia is up 12 percentage points to 60%.
• Generational differences remain stark, as younger generations are more impacted (Gen Z: 67%, Millennials: 68%) than older generations (Gen X: 55%, Baby Boomers: 39%). Households with children are more likely to report hardship than those without (68% vs. 44%).
• Concern among impacted consumers about how they will pay their bills and loans increased to 72%, the highest level since wave one. The financial instruments consumers are planning to use to meet any shortfalls continues to vary by segment.
• Digital fraud related to COVID-19 is at its highest percentage (31%), with phishing being the most commonly reported scheme (28%).