Consumer Pulse Wave 4

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:  

•  TransUnion’s fourth weekly study to look at the impact of COVID-19 on consumer finances revealed that Gen X is increasingly feeling the pain. This is in contrast to four weeks ago when Millennials and Gen Z initially reported the most financial impact due to COVID-19.
• Two-thirds of Gen X consumers report financial impact which is on par with Millennials. This number has grown at a faster rate than other generations with a 10 percentage point increase from four weeks ago (57% in week 1 to 67% this week). Of those unable to pay their bills, Gen X consumers report a shortfall of $1,144.80 on average – the highest of all four generational groups.
• While there has been a significant increase in Americans who are being impacted financially by COVID-19 (61% today vs. 53% four weeks ago), consumers are becoming more resourceful, finding ways to hold out a bit longer financially. The average time until consumers report that they will not be able to pay their bills has grown to more than 6 weeks from 4.5 weeks on average, which is the baseline from the start of the study. The diversity of options that consumers are exploring, including partnering with their financial services providers and others has increased significantly since week one.