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.
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
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.”
This doxoINSIGHTS COVID-19 Impact Report and other reports on the bill pay market can be found at www.doxo.com/insights.
About doxoINSIGHTS
doxoINSIGHTS provides direct insight into household financial health and spending activity by leveraging consumer surveys and doxo’s unique aggregate bill pay data set, comprising actual bill payment activity to confirmed household service providers across the country. doxo data brings together the broadest available data set for analyzing actual household bill payment activity, pulling from over 4 million paying consumers across all 3,007 U.S. counties. doxo’s payment network covers over 70,000 billers in 45 different service categories and enables payments using bank accounts, credit cards or debit cards. This uniquely broad statistical foundation powers doxoINSIGHTS reports – uncovering key trends for household financial health and bill payment behavior.
About doxo
doxo provides simple, secure all-in-one bill payment to any biller, with any payment method, on any device. A doxoPLUS subscription adds free bank payments and five essential financial protections that boost household financial health. Through these services, doxo currently serves over four million paying users who can make payments to over 70,000 local and national businesses, making doxo the largest bill pay directory in the nation. Billers on the network get paid directly, fast and free – and consumers have complete bill pay independence over when and how they pay their bills. doxo expanded its user base by more than 70 percent in the past year and is expanding its team to further accelerate growth and change the bill pay landscape to focus on the customer. doxo investors include MDV, Sigma Partners, and Bezos Expeditions. doxo is based in Seattle, WA. For more information visit www.doxo.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005221/en/