COVID-19 financial impact: Where do Americans stand?

Governments around the world are scrambling to contain the economic downfall as millions of people remain out of work due to the virus and the subsequent lockdown. Piplsay (powered by Market Cube) tried to understand the ground reality just as the full extent of the pandemic starts to become apparent. Employers, as well as the government, can leverage this data in their decision making.

The unemployment rate across America is skyrocketing as millions of people lose their jobs or are unable to find work as a result of the pandemic. Though the government’s stimulus package seeks to help families and businesses cope with the economic ravages, the uncertainty over the next few months continues to add to the concern, even for those unaffected by the downturn so far. Piplsay polled 31,271 Americans to understand the situation and reality as it exists three months into the pandemic. Here’s a summary of what we found:

Other Insights

  • 28% of men and 31% of women have taken a pay cut amid the pandemic
  • 36% of men have found employment amidst the pandemic as compared to just 21% of women
  • 18% of millennials have already applied for unemployment benefits as compared to 14% of Gen Xers and Gen Zers
  • 21% of Black Americans have lost their jobs due to COVID-19 as compared to 19% of Hispanics and 14% of White Americans
  • 15% of each of Black Americans and Hispanics and 10% of White Americans are planning to apply for unemployment benefits amid the pandemic
“My colleagues and I took a 50% pay cut last month. My biggest worry is that I may not even have this job if the situation does not improve sooner” – Christian
“Self-employed people like have been almost out of work for the past two months. Two of my friends have also lost their jobs. This is all so distressing” – Molly

Survey Methodology: This Piplsay survey (powered by Market Cube) was conducted nationwide in the US from May 1-3, 2020. We received 31,271 online responses from individuals aged 18 years and older.

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