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Financial Hardship: COVID-19’s Impact on Consumer Income and Payment Priorities

TransUnion
Webinar05/29/2020
Business


Duration: 52 min

Panelists:
Marko Ivanov, Vice President, Diversified Markets, TransUnion
Michael Billings, Director, Research and Consulting, TransUnion

In March of 2020, TransUnion began tracking the impact of COVID-19 on consumers’ finances and their ability to meet obligations, including communications and utility payments. On May 27, 2020 we hosted a webinar to explore which consumer groups have been most impacted financially, and how trends have shifted since stay-at-home guidelines were first enacted. We’ll provide relevant and timely insights that can help shape your business and strategies.

Session highlights:

  • See trended views of household incomes impacted by job loss, reduced work hours or small business closure, and how those trends vary by age, geography and income range
  • Get insights into consumers’ capacity to pay bills — especially communications and utility bills — and their priorities among all obligations
  • See expected payment shortfalls, particularly for consumers who indicated an inability to pay their utility or communications bills
  • Explore how consumers are planning to address expected income gaps, including tapping savings, relying on lender deferment programs and taking on additional debt.
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