TransUnion's Wave 9 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:
Job loss for financially impacted African Americans rose to 32%, up 6 percentage points since our last study, and 14 points higher than white consumers (18%). Overall, African Americans face greater financial impact due to COVID-19 (63%) compared to white consumers (56%). Seventy-nine percent (79%) of impacted African Americans are concerned about how to pay their bills and loans compared to 64% of white consumers, and they estimate they will be unable to pay in 4.9 weeks, down from 6.0 weeks in wave 8.
As impacted Americans exhaust planned use of the stimulus check (30% vs. 38% wave 8), consumer behavior reflecting economic anxiety has increased. A quarter (26%) of impacted consumers are cutting back on saving for retirement (+3 percentage points) and 16% are refinancing current rates (+5 pp). Intent to apply for new credit is at its highest levels since early March, with 15% intending to apply for personal loans and 12% intending to apply for new credit cards.
As states and local communities continue adopting varied reopening plans, consumers under a stay-at-home order report higher financial impact (63%) than those in areas without such mandates (49%). Of those impacted in partially reopened areas, 59% are concerned about being able to pay their bills and loans, and they state they will run out of money in 6.4 weeks. In comparison, 74% of impacted consumers in stay-at-home areas are worried about being able to pay; this segment has 5.6 weeks until they run out of money for bills and loans.