Fintech News

42% of Americans Have Missed Bill Payments Due to Financial Impact of COVID-19 Pandemic


doxoINSIGHTS report shows 57% of consumers have suffered from reduced incomes; Auto loans, utilities and cable/internet the most commonly missed bills

doxo, the innovative web and mobile bill pay service, today released new survey data that examines how the COVID-19 pandemic has impacted consumers’ ability to pay their bills. With over half (57%) of Americans reporting a reduced income, the latest doxoINSIGHTS Bill Pay Impact Report shows that 42% of consumers missed at least one bill payment in the past seven months due to financial effects of the COVID-19 pandemic. Additionally, consumers continue to be worried about their ongoing ability to pay bills, and what this will mean for the future of their overall financial health.

Read More: Taulia Appoints Andy Lee as Director, Supply Chain Finance

Key findings from the latest doxoINSIGHTS Bill Pay Impact Report include:

Over half of consumers have been financially impacted by COVID-19

  • 57% have seen a reduction in income due to the pandemic

Consumers have struggled to pay their bills over the last 6+ months

  • 42% of Americans have skipped paying one or more bills since the COVID-19 pandemic started:
    • 27% have missed auto loans
    • 26% have missed utilities
    • 25% have missed cable/internet
    • 20% have missed rent
    • 19% have missed mobile phone
    • 17% have missed mortgage
    • 17% have missed alarm/security
    • 15% have missed auto insurance
    • 14% have missed dental insurance
    • 13% have missed life insurance
    • 10% have missed health insurance

Read More: OppLoans Teams Up with Experian®, Steady, and BillShark Furthering its Commitment to Social Impact

Consumers have had to squeeze discretionary spending

  • 70% of consumers have delayed making big purchases

Consumers are worried about their future ability to pay bills

  • 77% believe that if they were to lose their job, they would only have enough runway for six months or less; 62% believe they could only pay their bills for three months or less, and 35% believe they could only do so for one month or less
  • 30% of consumers believe they will need to ramp up the use of their credit cards to pay their bills
  • 39% believe that they will need to skip paying at least one or more bills in the future:
    • 29% are likely to skip cable/internet
    • 28% are likely to skip utilities
    • 28% are likely to skip rent
    • 26% are likely to skip auto loan
    • 26% are likely to skip mobile phone
    • 21% are likely to skip their mortgage
    • 21% are likely to skip auto insurance
    • 19% are likely to skip alarm & security
    • 17% are likely to skip life insurance
    • 16% are likely to skip dental insurance
    • 15% are likely to skip health insurance

Consumers continue to be concerned with the future of their financial health

  • 75% of consumers continue to be very worried about the future of their financial health, down only slightly from the 82% who were worried when the pandemic first started

“Our data shows that more than half of all Americans have seen a reduction in income as a result of the COVID-19 crisis. It is therefore no surprise that many have also struggled to pay their bills over the last seven months since the pandemic started,” said Jim Kreyenhagen, VP of Marketing and Consumer Services at doxo. “Further, with no end in sight for economic recovery, we’re seeing that consumers remain not only worried about their ongoing ability to pay bills, but how the pandemic will impact their future financial health.”

Read More: Paymerang Joins Blackbaud Partner Network as an ISV Partner

Related posts

Jason Hogg Joins Great Hill Partners as Executive-in-Residence

Fintech News Desk

Technisys is Recognized By Gartner As One Of The Main Players in the Core Banking Digital Platform in Latin America

Fintech News Desk

ACI Worldwide and J.P. Morgan Collaborate to Offer Merchants in Europe Greater Choice of Payment Options

Fintech News Desk