Consumers who experienced a drop in income due to COVID-19 share mixed sentiments on their financial future.
7/21/2021 11:00
TransUnion recently surveyed more than 3,000 consumers for a quarterly report on how their finances have been impacted by the COVID-19 pandemic.
Here are a few key findings from the Consumer Pulse Study.
- Fewer consumers (32%) report having earnings currently negatively impacted by the pandemic, a 16% improvement from the first quarter of 2021. All demographic groups reported improvements in income. On the other hand, for consumers who said they had reduced earnings during the pandemic, their household finances haven’t improved, and in some cases have been worse since the first quarter.
- About half (46%) of 2020 and 2021 high school and college graduates said they have a job that fits with their qualifications. Nearly half (48%) of 2021 college graduates reported having a job they’re overqualified for. Recent grads are more likely to find alternative earnings through gig work (21% compared to 9% of the overall population), selling goods informally (17% versus 8%) and starting a small business (18% versus 6%).
- Households with children are seeing improvement in their income. However, 43% reported reductions in their income compared to 26% of those who don’t have children.
Read the complete study here.