financial services covid-19 pulse survey power... · 2020-06-01 · may 29-31, 2020 update...

May 29-31, 2020 Update

Financial Services COVID-19 Pulse Survey

June 1, 2020

Jim Miller – Vice President, Banking and Payments Intelligence

[email protected]

mailto:[email protected]

© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services

Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power. 2

Survey Methodology

• Surveys were conducted online among U.S. consumers aged 18 and older

• May 29-31: n=1,701 (35% male, 65% female)

31%

27%

29%

14%

18-29

30-44

45-60

> 60

Distribution by Age8%

13%

20%

17%

12%

9%

4%

2%

1%

3%

10%

$0-$9,999

$10,000-$24,999

$25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$124,999

$125,000-$149,999

$150,000-$174,999

$175,000-$199,999

$200,000+

Prefer not to answer

Distribution by Income

3© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services

Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power.

General Perceptions of U.S. Adults

4



How worried are you that you or someone in your family will get sick from the coronavirus?

40%

49%

11%

49%

42%

8%

44%47%

9%

35%

52%

13%

Very worried Somewhat worried Not at all worried

Mar 20-21 Mar 27-29 Apr 3-5 May 29-31

5



How worried are you that there will be a second wave of the coronavirus in the fall or winter?

48%44%

9%

Very worried Somewhat worried Not at all worried

May 29-31

6



In the past several weeks, how has the level of stress about your financial situation changed?

4%

10%

22%

30%

25%

9%

4%

12%

21%

31%

24%

8%

5%

14%

23%

28%

19%

11%

My stress has gone down a lot

My stress has gone down a little

My stress has not changed

My stress has gone up a little

My stress has gone up a lot

I do not have any stress about myfinancial situation

May 1-3

May 15-17

May 29-31

7



Which of the following impacts from the coronavirus have you already experienced?

31%

20%

18%

17%

12%

12%

11%

11%

10%

7%

7%

Unable to find food I need at the store

Applied for unemployment benefits

Salary was reduced by employer

Temporary loss of job and still not working

Temporary loss of job, but now working again

Unable to pay utility bills

Unable to pay rent or mortgage

Unable to afford enough food to eat

Incurred an unexpected medical expense

You or a family member tested positive for coronavirus

Permanent loss of job

May 29-31

8



How has the coronavirus crisis impacted your personal financial situation?

9%

20%

39%

27%

6%

9%

19%

42%

24%

6%

9%

17%

44%

24%

6%

Devastated my financial situation

Severely hurt my financial situation

Somewhat hurt my financial situation

Has not impacted my financial situation

Has improved my financial situation

May 1-3

May 15-17

May 29-31

9



How long do you expect that your financial situation will be worse due to the coronavirus?

5%

14%

28% 28%

12%

4% 2%

7%

3%

12%

27% 27%

16%

4%1%

9%

5%

12%

28%29%

14%

3% 1%

8%

Less than 1 month 1 to 2 months 3 to 5 months 6 to 12 months 1 to 2 years 3 to 5 years 6 or more years I don’t know

May 1-3 May 15-17 May 29-31

10




% Devastated and Severely Hurt

30%

29%

29%

25%

25%

23%

22%

19%

19%

Pacific

South Atlantic

Middle Atlantic

East North Central

West South Central

East South Central

West North Central

Mountain

New England

May 29-31

New England

Middle

Atlantic

East North

Central

West North CentralMountain

Pacific

West South Central

East

South

Central

South

Atlantic

New England: n=84, East South Central: n=97, West North Central: n=93

11




% Devastated and Severely Hurt

31%

34%

28%

16%

32%

34%

27%

15%

32%

28%

25%

13%

18-29

30-44

45-60

> 60

By Age

May 1-3 May 15-17 May 29-31

44%

43%

30%

26%

27%

16%

21%

41%

42%

32%

28%

19%

18%

20%

44%

34%

34%

28%

22%

17%

13%

$0-$9,999

$10,000-$24,999

$25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$124,999

$125,000+

By Income

May 1-3 May 15-17 May 29-31

12



How has your family’s income changed since the coronavirus crisis began?

9%

14%

16%

16%

9%

30%

5%

8%

15%

15%

18%

10%

30%

4%

8%

13%

18%

18%

11%

27%

5%

Declined by 75% or more

Declined by 50-74%

Declined by 25-49%

Declined by 10-24%

Declined by less than 10%

Has not changed

Increased

May 1-3

May 15-17

May 29-31

13




% Declined by 50% or More

24%

23%

23%

21%

19%

17%

17%

17%

15%

South Atlantic

Pacific

West South Central

Middle Atlantic

Mountain

West North Central

New England

East South Central

East North Central

May 29-31

New England

Middle

Atlantic

East North

Central

West North CentralMountain

Pacific

West South Central

East

South

Central

South

Atlantic

New England: n=84, East South Central: n=97, West North Central: n=93

14




% Declined by 50% or More

23%

30%

23%

11%

26%

27%

22%

15%

22%

24%

21%

10%

18-29

30-44

45-60

> 60

By Age

May 1-3 May 15-17 May 29-31

32%

42%

26%

24%

16%

10%

13%

32%

39%

29%

19%

13%

13%

11%

34%

34%

29%

18%

14%

11%

7%

$0-$9,999

$10,000-$24,999

$25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$124,999

$125,000+

By Income

May 1-3 May 15-17 May 29-31

15



In the past month were you unable to make the minimum monthly payment for any of these?

21%

13%

11%

11%

10%

5%

4%

Credit card

Auto loan

Student loan

Personal loan

Mortgage

Home equity line or loan

Business loan

May 29-31

16



Which of the following describe your financial situation in the past month?

52%

29%

28%

24%

22%

I paid all of my bills on time

I experienced little or no financial stress

I paid my credit card balance in full or do not have a credit card balance

My monthly income was greater than my expenses

I contributed to a retirement account or saved money for retirement

May 29-31

17



Which statement comes closest to your view about the impact of the coronavirus crisis on your personal finances?

17%

22%

37%

24%

17%

20%

37%

25%

22%

21%

34%

23%

The worst is behind us

The worst is right now

The worst is yet to come

Don't know

May 1-3

May 15-17

May 29-31

18



Which statement comes closest to your view about the spread of coronavirus (Covid-19)?

18%

17%

42%

23%

24%

18%

38%

20%

The worst is behind us

The worst is right now

The worst is yet to come

Don't know

May 15-17

May 29-31

19



In how many weeks do you believe stores and restaurants which have been closed due to the coronavirus crisis should reopen?

8%

6%

11%

11%

15%

4%

9%

2%

7%

1%

1%

2%

10%

13%

12%

4%

10%

8%

15%

4%

9%

2%

9%

2%

1%

0%

11%

14%

15%

5%

12%

10%

14%

3%

6%

1%

6%

1%

2%

0%

9%

15%

This week

1 week

2 weeks

3 weeks

4 weeks

5 weeks

6 weeks

7 weeks

8 weeks

9 weeks

10 weeks

11 weeks

12 or more weeks

Don’t know

May 1-3

May 15-17

May 29-31

20



Assuming restaurants are open, in how many weeks would you return to eating inside a restaurant?

8%

4%

11%

7%

10%

3%

7%

1%

9%

1%

3%

0%

17%

18%

11%

4%

8%

6%

10%

3%

6%

1%

6%

1%

2%

0%

21%

21%

14%

4%

9%

6%

9%

3%

5%

1%

7%

1%

2%

0%

20%

17%

This week

1 week

2 weeks

3 weeks

4 weeks

5 weeks

6 weeks

7 weeks

8 weeks

9 weeks

10 weeks

11 weeks

12 or more weeks

Don’t know

May 1-3

May 15-17

May 29-31

21



How long do you expect that it will take for unemployment to return to the level it was at before the coronavirus crisis started?

3%

8%

18%

26%

23%

12%

2%

8%

2%

5%

11%

20%

30%

16%

5%

11%

2%

7%

14%

20%

26%

16%

6%

9%

Less than 1 month

1 to 2 months

3 to 5 months

6 to 12 months

1 to 2 years

3 to 5 years

6 or more years

I don’t know

Apr 3-5

May 15-17

May 29-31

22



How long do you expect that it will take until your typical activities return to normal (work, travel, dining, entertainment, church, sports, etc.)?

6%

13%

22%

27%

18%

3%

2%

10%

5%

15%

20%

27%

19%

3%

1%

10%

Less than 1 month

1 to 2 months

3 to 5 months

6 to 12 months

1 to 2 years

3 to 5 years

6 or more years

I don’t know

May 15-17

May 29-31

23



Which statement comes closest to your view on the federal government’s/state’s approach to reopen the economy?

20%

28%

42%

10%

16%

33%

42%

9%

Moving too slow Moving at the right pace Moving too fast Don't know

Federal Government State May 29-31

24



Which of the following activities have you done in the past week?

74%

56%

28%

19%

25%

23%

19%

7%

7%

6%

74%

55%

29%

26%

25%

25%

20%

12%

8%

7%

Wore a face mask

Bought take-out food from a restaurant

Used an ATM

Visited friends

Used a drive-thru at a bank

Deposited a check using a mobile phone

Had groceries delivered

Ate inside a restaurant

Traveled to another state

Conducted a transaction inside a bank branch

May 15-17

May 29-31

25



Which of the following do you plan to do in the next 3 months?

20%

12%

10%

11%

8%

7%

8%

8%

6%

5%

3%

21%

14%

12%

12%

11%

8%

7%

6%

6%

6%

4%

Take a vacation trip

Stay in a hotel

Fly on an airplane

Consolidate debt

Buy a car

Make a major purchase, other than a car or house

Take out a loan to cover living expenses

Refinance a mortgage

Take out a loan for home renovations / updates

Buy a new home

Lease a car

May 15-17

May 29-31

26



How would your comfort of going into a bank branch change if customers/ customers and employees were required to wear a face mask?

35%

31%

24%

6% 5%

33% 32%

28%

4% 3%

It would make me feel alot more comfortable

It would make me feel alittle more comfortable

It would not make adifference

It would make me feel alittle more uncomfortable

It would make me feel alot more uncomfortable

Customers & Employees Employees May 29-31

27



Which of the following have you used to make a purchase in a store during the past week?

61%

54%

67%

20%

10% 10% 3%

51%45%

39%

20%

8% 7% 8%

Debit Card (usedphysical card)

Credit Card (usedphysical card)

Cash Mobile Phone orSmartwatch

Prepaid Card Check No purchases in astore during the

past week

Jun 28-29, 2019 May 29-31

28



For your next checking, savings, or money market account, how likely are you to select an online bank without branches?

15%18%

35%

19%

13%

22%

16%

25%

18% 19%

Very unlikely Somewhat unlikely Somewhat likely Very likely Not sure

Feb 13-14 May 29-31

29



For your next checking, savings, or money market account, how likely are you to select an online bank without branches? By Age

17%15%

31%

16%

22%

18%16%

26%

20% 20%

23%

18%

23%

18%17%

38%

14% 14%

18%16%

Very unlikely Somewhat unlikely Somewhat likely Very likely Not sure

18-29 30-44 45-60 > 60

30© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services


Primary Bank

31



Have you received communication from your primary bank regarding the coronavirus?

39%

24%

14%

13%

10%

40%

18%

13%

15%

14%

39%

22%

14%

12%

12%

Yes, and it was helpful

Yes, but it was not helpful

No, but I would like to hear from my bank about the coronavirus

No, and I don’t want to hear from my bank about the coronavirus

Don’t know

May 1-3

May 15-17

May 29-31

32



Has your primary bank shown concern for your personal financial situation during the coronavirus crisis?

25%

39%36%35% 36%

29%

39%

31% 30%

44%

27%30%

Yes No Don’t know

Mar 14 May 1-3 May 15-17 May 29-31

33



Please rate your primary bank on how well it is supporting its customers during the coronavirus crisis.

6%

23%

39%

19%

13%

6%

28%

39%

17%

10%

5%

25%

39%

18%

13%

5%

23%

39%

22%

12%

Poor Just OK Good Great Excellent

Apr 17-19 May 1-3 May 15-17 May 29-31

34



How much trust do you have that your primary bank will do what is in your best interest?

18%

27%

37%

13%

5%

17%

27%

39%

12%

5%

A great deal of trust A lot of trust A moderate amount oftrust

A little trust Not any trust at all

May 15-17 May 29-31

35



Since the coronavirus crisis began, how has your usage of your primary bank's mobile app changed?

6%

11%

13%

61%

2%

7%

3%

15%

17%

52%

5%

8%

5%

17%

15%

50%

4%

9%

I used it for the first time

I use it a lot more often

I use it a little more often

No change

I use it less often

I don't use it

Apr 3-5

May 1-3

May 29-31

36



Since the coronavirus crisis began, how has your usage of online banking on a laptop or PC with your primary bank changed?

4%

17%

14%

57%

2%

6%

5%

19%

18%

51%

1%

6%

I used it for the first time

I use it a lot more often

I use it a little more often

No change

I use it less often

I don't use it

Apr 3-5 May 29-31

37



How does your primary bank's mobile and online offerings compare to other companies you deal with?

29%

24%

36%

5%

2%

5%

They are much better than most companies

They are a little better than most companies

They are about the same as mostcompanies

They are a little worse than most companies

They are much worse than most companies

I don't use mobile or online at my bank

May 29-31

38



Assuming you needed to deposit a check at your primary bank, which method would you choose?

48%

23%

19%

8%

2%

Mobile phone (take a picture of check)

Drive-thru at a branch

ATM

Teller inside a branch

Mail

May 29-31

39



Assuming you needed to deposit a check at your primary bank, which method would you choose? By Age

48%

19%

24%

7%2%

55%

21%

15%

8%1%

48%

25%

18%

8%1%

38%

29%

22%

9%

2%

Mobile phone Drive-thru at a branch ATM Teller inside a branch Mail

18-29 30-44 45-60 > 60


Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power. 40

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JIM MILLERVice President, Banking and Payments Intelligence

[email protected]

mailto:[email protected]

financial services covid-19 pulse survey power... · 2020-06-01 · may 29-31, 2020 update...

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