BACK

Justin Paget / DigitalVision / Getty Images

Research and Statistics

Pandemic pins parents under financial strain: Survey

New data show 70% of cash-strapped parents have skipped a monthly payment in the COVID era

Summary

The coronavirus pandemic is putting a financial squeeze on many American households, but parents with children at home are feeling the pinch more than others.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

The coronavirus pandemic is putting a financial squeeze on many American households, but parents with children at home are feeling the pinch more than others.

More parents putting off monthly bills during pandemic

The latest monthly report from the COUNTRY Financial Security Index shows that almost a quarter of U.S. parents with children under 18 living at home say COVID-19 has negatively impacted their ability to pay monthly bills a “great deal” or a “moderate amount” (22%). That’s compared to just 17% of total U.S. adults.

A large driver of the problem for parents is the additional financial obligations brought on by children not being in school full-time. As such, parents’ top three money concerns this school year are increased food costs (26% of parents), increased costs for new technology (21%) and changing or reducing their work hours due to a lack of available or affordable child care (14%).

See related: How coronavirus is changing the future of child care

As a result, 7 in 10 parents (70%) who have been struggling financially because of Covid-19 say they have had to delay at least one monthly payment during the pandemic. Topping the list of skipped payments is credit cards and retirement contributions, both cited by 11% of money-strapped parents.

Rounding out the top five of parents’ delayed payments are rent (skipped by 9%), home and auto insurance premiums (8%) and mortgage payments (5%). Notably, the share of parents delaying a payment was higher across every monthly bill type than among the general adult population.

COUNTRY Financial’s latest monthly installment of its online survey was conducted by Ispos in mid-August among 1,300 U.S. adults, including 578 parents with children age 17 and younger living in their household. The findings were released Sept. 1.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

What’s up next?

In Research and Statistics

Can you make money through a multilevel marketing company?

MLMs are marketed as a quick and easy way to make cash, but they could be riskier than they seem.

See more stories
Credit Card Rate Report Updated: November 25th, 2020
Business
13.91%
Airline
15.50%
Cash Back
15.85%
Reward
15.75%
Student
16.12%

Questions or comments?

Contact us

Editorial corrections policies

Learn more