Sixty-three percent of Americans, including 64 percent of Millennials, are living from paycheck to paycheck since March and are unable to save any money, according to a survey of more than 2,000 adults commissioned by software designer Highland Solutions.
Forty-seven percent have burned through their emergency savings, and 82 percent admit they could not pay out of pocket for a $500 emergency, such as medical treatment or a car repair.
Thirty-three percent have acquired at least one new credit card since February, and 25 percent of respondents have amassed more than $10,000 in debt covering their month-to-month expenses.
Twenty-five percent of respondents also report their incomes are not stable, and two in three surveyed regret not having more in savings when the shutdown began.
About 60 percent report being more cautious in their spending, with 49 percent saying the reduced outlay stems from lost income due to the pandemic and shutdown.
Of those pinching pennies, 64 percent have cut back on eating out, 61 percent see fewer movies, 55 percent are adding less to their wardrobes, and 52 percent have cut back on travel.
Only 21 percent of those surveyed reported spending more, mostly on food and groceries.
Across 13 states, between 39.4 and 56.2 percent of Americans said they likely will face eviction before February 2021, the U.S. census bureau’s second Household Pulse Survey found.
A majority of respondents to the Highland survey said it will take them six to 12 months to regain their financial footing after the pandemic subsides, while some estimate their recovery will take up to two years.
TREND FORECAST: Virtually unmentioned in the mainstream media is the daily economic and mental hardship tens of millions of people are suffering as a result of forcibly being drafted into the COVID War.
Also, not mentioned is the hardship both residential and commercial landlords are suffering as tenants stop paying rent, while they must pay their mortgages and taxes.
We maintain our forecast for a continuing weakening of commercial and residential real estate in big cities through the winter months.
