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1 in 3 Americans has delayed a financial milestone because of the pandemic

1 in 3 Americans has delayed a financial milestone because of the pandemic
Posted at 12:44 PM, Jul 15, 2020
and last updated 2020-07-15 12:44:12-04

More than one in three Americans have delayed a life event or financial milestone because of the COVID-19 pandemic, according to a new survey.

Bankrate surveyed about 2,500 Americans in late June. They found 36 percent of participants admitted they have delayed getting married, having a child, buying a home, retiring or another major financial life step.

Of those who delayed buying a home, they expect the delay to last six months or longer. Of those delaying buying or leasing a car, 48 percent said their decision could be delayed 6 months or longer.

This data matches other financial and job market indicators that the country is in a recession and a rebound could take time.

In the survey: 11.6 percent said they are delaying finding a new job, 11.3 percent are delaying buying or leasing a new car, 8.6 percent are delaying buying a home, 7.1 percent are delaying furthering their education, 4.8 percent are delaying having children, 4.5 percent are delaying getting married and 4.5 percent are delaying retirement.

As for how the respondents’ situation was since the pandemic started, 29 percent said their financial situation has worsened since the beginning of the year.