TransUnion's Wave 7 US Consumer Pulse Study Released
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:
Millennials are increasingly distressed financially. They suffered the biggest increase in job loss week-over-week (28% vs. 22%) and are the most concerned (77%) of all generations about paying bills and loans. This trend prevails outside the United States — Millennials are the hardest hit generation across the globe.
Mortgage payments are a major worry for impacted Millennials, with 34% now indicating they will not be able to make payments, a 10 percentage-point increase week-over-week. They have also contacted companies they have accounts with to discuss payment options at a higher rate than other generations (61%), and they are the most likely not to have a plan to pay their bills and loans (13%).
Millennials aside, the percentage of impacted consumers who do not know how they will pay their bills and loans is trending positively (10% vs. 24% week one). This improvement is partially driven by more than half (52%) of impacted consumers proactively contacting and discussing payment options with companies with whom they have accounts, up from 40% in week one. Those that have reached out are more likely to refinance or renegotiate, pay a partial amount or take a payment holiday.