Consumers Anticipate Long-Lasting Impact from Financial Damage

Abstract: As part of its effort to understand the economic impact of the pandemic, the Consumer Finance Institute (CFI) surveyed consumers about their economic situations and attitudes. Many of the findings echoed the severe job losses and paycheck disruptions found in the government data and media coverage. A new and interesting takeaway of the survey, however, is the cautious view going forward: When we surveyed consumers in April, a significant share of respondents did not think their finances would recover soon. Many expected to need to decrease their spending or to seek financial assistance in June or later.

Keywords: COVID-19;

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Consumer Finance Institute Research Briefs and Special Reports

Publication Date: 2020-06-01

Pages: 1