- 43% of consumers skipped or partially paid at least one bill payment over the past month.
- Almost 1/3 of consumers with a credit card expect to skip or partially pay their next credit card payment.
- 42% of consumers with a credit card and a household income under $25k expect to skip or partially pay their next credit card payment.
- Most consumers who received or expect to receive a government stimulus check plan to use it to pay bills.
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Bill payment trends in the United States - wave 9
1. McKinsey & Company 1
43% of consumers skipped or partially paid a bill payment over the
past month
Bill payments over the past month1
Percent of respondents with given type of bill payment
1. Q: For each of the following types of bills, did you pay the bill(s)…
Source: McKinsey Financial Insights Pulse Survey, N = 1,075; Sampled and weighted to match US gen pop 18+ years; Margin of error for wave-over-wave changes is +/- 3 percentage points for all financial
decision makers, and larger for sub-audiences; US Survey 6/22/2020
16 16 16 21
24 24 23
22
60 60 61 57
Jun 22May 25May 10
Did not skip or partially pay
any bill payment
Jun 7
Did not skip any bill payments,
but partially paid at least one
bill payment
Skipped at least one bill payment
FINANCIAL DECISION MAKER SENTIMENT
PULSE FROM JUNE 22
2. McKinsey & Company 2
Almost 1/3 of consumers with a credit card expect to skip or
partially pay their next payment
8
9
8
9
6
5
5
22
19
17
16
9
9
12
70
72
75
75
85
86
83
Telecommunications
Auto loan
Utilities
Credit card
Mortgage
Insurance
Rent
Expectation of paying bills by age1
Percent of respondents with given type of bill payment
1. Q: For each of the following types of bills, did you pay the bill(s)…
16
16
15
10
14
14
14
27
33
37
28
17
18
24
57
51
48
62
69
69
62
Age 18-34All respondents
9
9
8
14
7
7
6
21
17
12
13
12
10
11
70
74
80
73
81
83
83
Age 35-54
1
2
1
1
21
5
1
2
2
2
4
78
93
98
98
98
97
96
0
0
0
Age 55+
FINANCIAL DECISION MAKER SENTIMENT
PULSE FROM JUNE 22
Source: McKinsey Financial Insights Pulse Survey, N = 1,075; Sampled and weighted to match US gen pop 18+ years; Margin of error for wave-over-wave changes is +/- 3 percentage points for all financial
decision makers, and larger for sub-audiences; US Survey 6/22/2020
Pay in fullSkip payment Partially pay
3. McKinsey & Company 3
42% of consumers with a credit card and household income <$25K
expect to skip or partially pay their next payment
13
10
11
8
8
9
10
29
23
28
11
10
10
16
58
67
61
81
82
81
74
Telecommunications
Auto loan
Credit card
Rent
Mortgage
Insurance
Utilities
Expectation of paying bills by household income1
Percent of respondents with given type of bill payment
1. Q: For each of the following types of bills, did you pay the bill(s)…
6
8
5
7
5
5
4
31
25
19
13
8
10
16
63
67
76
80
87
85
80
$25,000 - $49,999<$25,000
8
11
8
9
6
5
6
22
14
14
18
10
9
7
70
75
78
73
84
86
87
$50,000 - $99,999
6
7
9
12
6
5
6
14
21
17
23
9
7
11
80
72
74
65
85
88
83
$100,000+
Pay in fullSkip payment Partially pay
FINANCIAL DECISION MAKER SENTIMENT
PULSE FROM JUNE 22
Source: McKinsey Financial Insights Pulse Survey, N = 1,075; Sampled and weighted to match US gen pop 18+ years; Margin of error for wave-over-wave changes is +/- 3 percentage points for all financial
decision makers, and larger for sub-audiences; US Survey 6/22/2020
4. McKinsey & Company 4
Most consumers who have received or expect to receive a
government stimulus check plan to use it to pay bills
39
54
62 61
35
21
14
11
26 25 24 28
I expect to receive a
support payment but
have not received
one yet
Jun 7
I do not expect
to receive a
support payment
Apr 26 May 10 May 25
I have received a
support payment
Support payments from government1
Percent of respondents
How do you intend to use your support payment2…
Percent of respondents
71
51
38
32
32
24Auto loan
Utilities
Credit card
Mortgage
Telecommunications
Insurance
1. Q: Do you expect to receive / have you received a support payment from your local or federal government during this crisis? (Note: Data from June 7)
2. Q: On which types of spending did you use / do you intend to use your support payment? (Note: Data from May 10)
64 66
36 34
Paying bills
Apr 26 May 10
Not paying bills
FINANCIAL DECISION MAKER SENTIMENT
PULSE FROM JUNE 22
Source: McKinsey Financial Insights Pulse Survey, N = 1,075; Sampled and weighted to match US gen pop 18+ years; Margin of error for wave-over-wave changes is +/- 3 percentage points for all financial
decision makers, and larger for sub-audiences; US Survey 6/22/2020
5. McKinsey & Company 5
~40% of consumers report they could live off their current savings
for only 4 or fewer months
How long can you live off of your current savings?1
Percent of respondents
Path to reducing household spending2
Percent of respondents
1. Q: If your household experienced loss of your job, how many months would you be able to live off your savings, without making any changes to your current
standard of living?
2. Q: How are you reducing household spending? (Note: Data from June 7)
24 22 20 20 18 20 21 20 20
23 25 27 27
25
26 25 24 21
14 18 15 13 17
18 17
16
16
7
6 8 8 8
8 8
8
9
32 29 30 32 32 28 29 32 34
Mar 22 May 25Mar 29 May 10Apr 5 Apr 12 Apr 26 Jun 7
1 yr+
9-12 months
5-8 months
2-4 months
<1 month
Jun 22
62
49
48
33
19
Postpone spending
Buy lower cost items
Reducing wherever I can
Eliminate things I
can live without
Buy fewer quantities
FINANCIAL DECISION MAKER SENTIMENT
PULSE FROM JUNE 22
Source: McKinsey Financial Insights Pulse Survey, N = 1,075; Sampled and weighted to match US gen pop 18+ years; Margin of error for wave-over-wave changes is +/- 3 percentage points for all financial
decision makers, and larger for sub-audiences; US Survey 6/22/2020
6. McKinsey & Company 6
Nearly half of consumers are concerned about job security, though
this number has been dropping since March
Overall job security concerns1
Percent of respondents
1. Q: How concerned are you about your job security given the Corona virus (COVID-19) impact?
2. Industry responses aggregated from Waves 1-8 data (Note: Data from June 7)
25
20 22 25 28 25 27 25 26
25
30 29 27
28 30
31 33 33
50 50 49 48 44 45 42 42 41
Apr
26
Mar
22
Mar
29
Apr 5 Apr
12
Jun 7
Not concerned
May
10
May
25
Concerned
NA /
don’t know
Jun
22
Job security concerns by industry2
Percent of respondents
Concerned
Not concerned
NA / don’t know
70
66
66
65
62
60
55
52
44
28
32
30
33
35
38
44
47
55
IT
Retail/wholesale trade
Transportation/utilities
Manufacturing
Teleco/other media
Education
Government
Banking
Healthcare/insurance
FINANCIAL DECISION MAKER SENTIMENT
PULSE FROM JUNE 22
Source: McKinsey Financial Insights Pulse Survey, N = 1,075; Sampled and weighted to match US gen pop 18+ years; Margin of error for wave-over-wave changes is +/- 3 percentage points for all financial
decision makers, and larger for sub-audiences; US Survey 6/22/2020