Consumer Pulse Wave 3

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:  

• The economic stimulus package announced this week may provide short-term relief for those who have been financially impacted. Of that group, 43% indicated they plan to use their stimulus check to cover future payments. The amount of time before those impacted will be short for bill payments also positively increased to an average of 5.9 weeks from 5.4 weeks. Learn more in the Next Action section of this report.
• This week, the impact of the pandemic on Gen X is an important shift. COVID-19 has now financially affected 64% of this generation, an increase of 57% from week one. Within this group, those who have lost their job increased to 15% from 11% over the first two weeks. Impacted Gen Xers are worried about paying their credit card bills (46%) and mortgage (35%), which may indicate why 46% of this group plan to use their stimulus check to pay upcoming bills.