Americans have missed an average of five bill payments as a result of the coronavirus pandemic
One in four Americans has missed a payment on at least one of their bills since the COVID-19 pandemic began, according to new research.
A survey of 2,000 respondents examined how the pandemic has impacted Americans’ financial health and found many are struggling to pay their bills.
Of the 24% who have missed a bill payment since the start of the pandemic, results revealed 26% skipped paying their cell phone bills and their cable bills.
In a bid to survive the pandemic financially, results revealed respondents who’ve missed payment during the COVID-19 pandemic skipped paying their streaming services bills (25%) as well as their electricity and utilities (25%).
The study, conducted by OnePoll on behalf of EnergyBot, discovered that since the pandemic began, respondents who have skipped a payment have missed an average of five bill payments in total.
Sixty-three percent find themselves always worried about having enough money to pay their bills on time while 58% revealed their financial liabilities in the form of bills have been a source of stress for them since the COVID-19 pandemic began.
In an effort to save money, 65% have had to sacrifice certain things during COVID-19 just to get by and pay all their bills.
Because of the COVID-19 pandemic, 38% of those who’ve had to sacrifice things have cut back on their streaming services while 35% said goodbye to takeout so they’d have enough money to pay their bills.
And over half (52%) are only spending money on essential items.
Whether they’re no longer using premium toilet paper or putting premium gas in their cars, 43% also said they’re giving up luxuries and premium-quality products so they can afford the essentials amid the COVID-19 pandemic.
Forty-one percent of respondents revealed they’ve adopted a more minimalistic lifestyle while 39% are solely using cash when making purchases to curtail their spending habits.
In an effort to afford their essentials, 34% have unfortunately needed to dip into their emergency funds just to pay for necessities like electricity and rent.
The COVID-19 pandemic has negatively impacted people’s financial situation in such an extreme way that 55% said their lack of finances caused by the COVID-19 pandemic simply overwhelms them.
And this is increased when a home appliance goes on the fritz. Unfortunately, 35% of respondents have had to deal with a broken home appliance during COVID-19.
Of those who’ve had to deal with the difficult issues of a broken home appliance, 68% tried to repair the appliance themselves — or have their spouse fix it.
What’s worse, when these DIY attempts didn’t fix the problem, a third (33%) of respondents have needed to dip into their savings to afford the repair costs.
However, when asked if Americans would have enough money to pay for any emergency repair services to any home appliance, 37% of respondents said they wouldn’t be able to afford to fix their broken appliance.
TOP 5 THINGS AMERICANS GAVE UP/CUT BACK ON DURING COVID-19 IN AN EFFORT TO PAY THEIR BILLS (OF THOSE WHO’VE CUT BACK ON THINGS)
Gym memberships/ online gym memberships 39%
Streaming services 38%
Cable 35%
Chocolate 32%
Ice cream 31%
TOP 5 BILLS AMERICANS HAVE MISSED DURING COVID-19 (OF THOSE WHO’VE MISSED A PAYMENT)
Cell phone 26%
Cable 26%
Electricity/utility 25%
Streaming services 25%
Credit card(s) 24%
TOP 5 WAYS AMERICANS SAVE MONEY ON ENERGY USAGE
Turning off the lights whenever they are not needed 62%
Turning off all relevant appliances when they are not in use 46%
Keeping the windows and doors closed when the heating is on 42%
Opening the windows instead of adjusting the AC 36%
Using blinds to control the temperature of the room 33%
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