Nearly one of three consumers (27%) is past due on at least one bill and nearly 50 percent will need up to a year to catch up on bills due to the COVID-19 pandemic, according to a new study from YouGov and ACI Worldwide , a leading global provider of real-time electronic payment and banking solutions.
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Nearly one of three consumers is past due on at least one bill and nearly 50% will need up to a year to catch up on bills due to the COVID-19 pandemic, per new @ACI_Worldwide research #billpay #payments #finances #money
The study of nearly 1,400 U.S. adults analyzes the financial impacts brought about by COVID-19 and includes regional and generational bill payments breakdowns and priorities. While nearly half of millennials need to make bill pay arrangements or request deferrals, less than 15 percent (13%) of baby boomers face similar circumstances, while 31 percent of Gen Xers have similarly requested a payment arrangement.
With mounting bills, consumers are tasked with prioritizing those they pay first. Among all respondents, Mortgage and Rent are the overwhelming priorities, at 81 percent and 78 percent, respectively. This is followed by Utilities at 23 percent, a nearly 50 percent dip from Rent. The lowest bill payment priorities include Cable/Internet and Cell Phone, at 3 percent and 5 percent, respectively.
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Bill Payment Priorities Overall
- Mortgage: 81 percent
- Rent: 78 percent
- Utilities: 23 percent
- Tax bills: 15 percent
- Auto lease/loan: 10 percent
Bill Payment Priorities by Generation
- Top Millennial and Older Gen Z Bill Priorities: Rent (73%), Mortgage (60%)
- Bottom Millennial and Older Gen Z Bill Priorities: Cable/Internet (4%), Cell Phone (11%)
- Top Gen X Bill Priorities: Mortgage (80%), Rent (80%)
- Bottom Gen X Bill Priorities: Cable/Internet and Cell Phone (5%)
- Top Baby Boomer Bill Priorities: Mortgage (90%), Rent (81%)
- Bottom Baby Boomer Bill Priorities: Cable/Internet (1%), Cell Phone (2%)
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