ROI Rocket: US Households Under Increasing Stress From Pandemic Surge And Related Financial Hardships

DENVER, Dec. 10, 2020 /PRNewswire/ -- About one in eight U.S. adults (12%) report a near-intolerable level of stress due to the pandemic directly or its impacts, according to a new survey by ROI Rocket, a leading provider of market research-based consulting services. This figure is up from one in ten (10%) as recently as September.

The rise in household stress stems from a number of COVID-19 related causes, notably, a 25% increase in households reporting coronavirus cases and a 9% increase in households experiencing new financial hardships such as job loss or reduced work hours. The percentage of households going through these ordeals is now up to 8% for COVID-19 cases and 31% for layoffs and other, similar financial difficulties.

Over two in three Americans (71%) says they're experiencing pandemic-related stress of one sort or another. The most prevalent type of stress is mental or emotional (53%), followed by financial (40%) and physical or medical (26%). The latter two types of stress have reached new peaks compared to the beginning of the quarter.

The increase in financial stress since September has been especially sharp in the wake of the current coronavirus resurgence. Americans are increasingly likely to go into debt to get by day-to-day. About two in five (43%) now report dealing with financial pressures by taking on new or additional credit card debt,  borrowing from friends or family, selling personal items they wouldn't have sold otherwise or engaging in other unwanted activities like taking payday loans in response to pandemic-related life events. This percentage is up about 12% compared to about four months ago.

The one bright spot in the data is that the promise of a COVID-19 vaccine has improved the public's outlook on how soon life will return to 'normal.' As late as last month, nearly three in five Americans (56%) estimated a full recovery would take over a year, or alternately, never occur. That number is down to about two in five (41%) this week.  

For the growing segment of the public more stressed-out and financially extended than ever, a vaccine and the hoped-for economic rebound can't come fast enough.

ABOUT THIS RESEARCH

This study of 1,228 U.S. residents aged 18 and older was fielded between November 24 and December 7, 2020. The results have an associated margin of error of +/- 2.8% at the 95% confidence level in the most conservative case. This means the results come within plus or minus 2.8% of the results that would have been obtained given a census of all qualified individuals. Sample collection was balanced to U.S. Census figures for gender, age, race/ethnicity and household income.

ABOUT ROI ROCKET

Founded in 2007, ROI Rocket is a leading provider of full-service market research, marketing and sales automation, and digital agency support with offices in Denver, CO, Vancouver, WA, and Jacksonville, FL.

PRESS CONTACTS

For additional information about this study, please contact David McGrath, CEO ([email protected]) or Libby Perkins, General Counsel ([email protected]).

SOURCE ROI Rocket