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US consumer financial services: How COVID-19 is shaping attitudes

US financial decision makers are concerned about the economy amid the COVID-19 pandemic, according to a McKinsey survey.

The devastating effects of COVID-19 have been felt by millions of Americans, whether through direct infection or infection of loved ones or friends. Beyond this, US consumers of all income levels have felt the financial impact of the pandemic. Household income and savings are down, and income is growing weaker each week. Spending has decreased across all categories, with the exception of grocery, household essentials, and online entertainment. Job security is a major concern, and many worry about their ability to provide daily family necessities.

Most of the consumers McKinsey surveyed think the economic impact will last longer than six months. Although overall sentiment regarding the future is positive (more optimism than pessimism), there has been a slight deterioration in this outlook over the past three weeks.

The exhibits below are based on a survey conducted April 5, 2020, with data included from previous surveys conducted on March 22 and 29, 2020. We surveyed US financial decision makers aged 18 years or older who are the sole or a joint decision maker with respect to their household finances. We will update these exhibits as we continue to monitor sentiment.


About the author(s)

Jonathan Gordon is a partner in McKinsey’s New York office, where Somesh Khanna is a senior partner. Ajay Gupta is a senior expert in the Atlanta office, and Olivia White is a partner in the San Francisco office.

The authors wish to thank Nikki Chemel, Resil Das, David Hutchinson, Joshua Hsu, Brittany Lewis, and Michael Panek for their contributions to this article.

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