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The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Frederic J. Brown/Getty Images July 15, 2020 Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Bankrate logo

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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo

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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo

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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. More than a third of Americans are putting off at least one major life event because of the coronavirus pandemic, according to a new Bankrate survey. Fully 36 percent of respondents say they’ve delayed getting married, having a child, buying a home, retiring or another major step. With the U.S. economy falling into recession this spring, unemployment spiked and economic activity declined. Official statistics capture those symptoms of a struggling economy, but individual decisions to postpone financial milestones represent an invisible drag on prosperity. In one potential obstacle to a recovery, nearly two-thirds of respondents to our survey who have postponed their home shopping say the delay will last for six months or longer. “A kind of unseen toll of the downturn is the paused pursuit of dreams — including retirement, marriage and major purchases such as homes and vehicles,” says Mark Hamrick, Bankrate senior economic analyst. “Beyond the personal toll on individuals, these delays serve to further restrain employment and the broader economy.”

Key takeaways

36 percent of Americans have put off a financial milestone

As the coronavirus pandemic clouded a once-sunny economic forecast, many Americans decided to hunker down. Fully 36 percent of respondents to Bankrate’s survey have put off at least one financial milestone. Taking a job was the most-cited decision subject to delay. With the U.S. unemployment rate shooting into the double digits, nearly 12 percent of respondents said they’ve delayed job hunting. Car shopping is another delayed milestone. As fewer people commute or take summer road trips, more than 11 percent of respondents say they delayed buying or leasing a car. Nearly 9 percent of respondents said they delayed buying homes. Fewer than 5 percent of respondents said the pandemic has caused them to postpone having children, getting married or retiring.

Nearly two-thirds of homebuyers who postponed home purchases expect delays of six months or longer

Similarly, respondents who have postponed homebuying predict long delays. About 10 percent say they’ll wait six months to a year, 31 percent say they’ll delay for a year or more and 20 percent say their plans are on hold indefinitely.
By age groups, homebuying delays are expected by 14 percent of millennials (ages 24-39), 13 percent of Generation X (ages 40-55) and just 7 percent of Generation Z (ages 18-23) — with the caveat that not many 18- to 23-year-olds are shopping for homes no matter what the broader economy is doing.

Those who postponed car purchases anticipate long delays

Among respondents who said they’re delaying auto shopping, the postponements could prove lengthy. Most expect to delay a deal for six months or longer, or indefinitely.
By age groups, car-buying delays are expected by 15 percent of millennials, 13 percent of Generation X and 10 percent of Generation Z.

Less than a third of respondents say they re doing worse financially during the pandemic

Asked about their financial situations since March, 29 percent of respondents said it had gotten worse, 52 percent said it was the same and 13 percent said things were better. Among those reporting they’re doing worse financially were 34 percent of Generation Z, 31 percent of Generation X and 23 percent of the Silent Generation (ages 75 and older). Low earners appear to have been hit harder, with 31 percent of those making less than $40,000 a year say they’re doing worse. The racial gap wasn’t notable. Among those saying they were doing worse financially were 30 percent of African-Americans, 31 percent of Hispanics, and 27 percent of Whites.

How to navigate your finances in uncertain times

With unemployment still high and COVID-19 infections spreading, the U.S. economy is . Here’s what you can do: Make a plan: Now’s the time to . You’re at a higher risk of losing your job during a downturn. Take a hard look at your budget and your financial prospects. Build a rainy-day fund: You’ll sleep better once you’ve amassed an with about six months of your expenses. Stash the cash in a liquid and accessible vehicle, such as a high-yield . Shop around for the best rate, and for an account that fits your needs. Consider refinancing debt: With at record lows, you could shave hundreds of dollars from your monthly payment with a . If you’re carrying high-cost credit card debt, .

Methodology

Bankrate commissioned YouGov Plc to conduct the survey. Total sample size was 2,451 adults. YouGov collected responses June 25-29, 2020. The survey was conducted online. The figures have been weighted and are representative of all U.S. adults. Featured image by Frederic J. Brown/Getty Images. SHARE: Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

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