NAILBA Perspectives Virtual Symposium Special Edition | Page 5

CONSUMER SURVEY
Concerns about the personal impacts of COVID-19
Consumers are less worried about the personal impacts of
COVID-19 than they were in March, when there were more
unknowns and people were preparing for the worst.
Understandably, consumers whose employment has been
negatively impacted are much more likely to express
high levels of concern about employment — 46 percent
regarding their ability to work compared to 18 percent
of those whose work status was not impacted. Still, we
might have expected to see even higher rates among the
impacted, however many show signs of fortitude.
Psychologists describe cognitive biases in affective
forecasting as the human tendency to overestimate the
effect an event or situation will have on them — in this
case, the magnitude of negative outcomes from COVID-19.
Months into the pandemic, Americans have a better sense
of its realities. Our tendency to focus on the positive as a
coping mechanism is also likely coming into play in May.
Feelings of gratitude and a perspective that “it could be a
lot worse for me” are common.
Personal impacts
“Extremely concerned” or “Very concerned”
Children’s schooling/
education*
Family/friends in
high-riskcategories
Household’s long-term
financial security
Job security
(long-term)**
Ability to work
(short-term)**
Physical health
Household’s short-term
financial security
Mental health
Access to medical care
Access to food and
other necessities
25 %
24 %
30 %
28 %
28 %
33 %
33 %
31 %
35 %
44 %
42 %
40 %
44 %
43 %
44 %
45 %
48 %
49 %
54 %
59 %
May ‘20
March ’20
*Consumers with children < age 23.
**Employed consumers.
Concerns about the necessities
Though fewer than in March, a majority of consumers feel
a heightened need for many household provisions.
Two thirds of consumers feel a heightened need for health
insurance, and over half are more sensitive to their life
insurance needs.
Life insurance owners are more likely than non-owners to
worry about having adequate coverage (58 percent versus
47 percent), and over half of people expressing heightened
need for life insurance today are current owners.
Do you feel a heightened need for the following items due to coronavirus?
Hand sanitizers/disinfectant wipes
Groceries
Household cleaning agents (bleach, etc.)
Paper products (tissue, toilet paper, paper towels)
Adequate health insurance
Adequate life insurance
45 % 35 %
20 % May ‘20
52 % 31 % 17 % March ’20
40 % 36 % 24 %
49 % 37 % 14 %
38 % 39 % 23 %
45 % 35 % 20 %
34 % 37 % 29 %
42 % 34 % 24 %
34 % 34 % 32 %
39 % 28 % 33 %
23 % 30 % 47 %
23 % 26 % 51 %
May ‘20
March ’20
May ‘20
March ’20
May ‘20
March ’20
May ‘20
March ’20
May ‘20
March ’20
Yes, definitely
Yes, somewhat
No
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