Financial Services COVID-19 Pulse Survey Power...Charts, graphs, data and insights extracted from this publication must be accompaniedbya statement identifying J.D. Power as the publisher

June 12-14, 2020 Update

Financial Services COVID-19 Pulse Survey

June 15, 2020

Jim Miller – Vice President, Banking and Payments [email protected]

http://jdpa.com

© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power. 2

Survey Methodology

• Surveys were conducted online among U.S. consumers aged 18 and older

• June 12-14: n=1,735 (42% male, 58% female)

26%

23%

36%

16%

18-29

30-44

45-60

> 60

Distribution by Age7%

10%

22%

19%

13%

9%

3%

3%

2%

3%

8%

$0-$9,999

$10,000-$24,999

$25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$124,999

$125,000-$149,999

$150,000-$174,999

$175,000-$199,999

$200,000+

Prefer not to answer

Distribution by Income

3© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power.

General Perceptions of U.S. Adults

4

© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power.

How worried are you that you or someone in your family will get sick from the coronavirus?

40%

49%

11%

49%42%

8%

44% 47%

9%

35%

52%

13%

34%

51%

15%

Very worried Somewhat worried Not at all worried

Mar 20-21 Mar 27-29 Apr 3-5 May 29-31 Jun 12-14

5


How worried are you that there will be a second wave of the coronavirus in the fall or winter?

48%44%

9%

48%43%

9%

Very worried Somewhat worried Not at all worried

May 29-31 Jun 12-14

6


In the past several weeks, how has the level of stress about your financial situation changed?

4%

12%

21%

31%

24%

8%

5%

14%

23%

28%

19%

11%

5%

15%

23%

25%

19%

12%

My stress has gone down a lot

My stress has gone down a little

My stress has not changed

My stress has gone up a little

My stress has gone up a lot

I do not have any stress about myfinancial situation

May 15-17May 29-31Jun 12-14

7


Which of the following impacts from the coronavirus have you already experienced?

31%

20%

18%

17%

12%

12%

11%

10%

11%

7%

7%

31%

20%

17%

16%

14%

12%

12%

12%

10%

8%

7%

Unable to find food I need at the store

Applied for unemployment benefits

Salary was reduced by employer

Temporary loss of job and still not working

Temporary loss of job, but now working again

Unable to pay utility bills

Unable to pay rent or mortgage

Incurred an unexpected medical expense

Unable to afford enough food to eat

Permanent loss of job

You or a family member tested positive for coronavirus

May 29-31Jun 12-14

8


How has the coronavirus crisis impacted your personal financial situation?

9%

19%

42%

24%

6%

9%

17%

44%

24%

6%

9%

19%

42%

26%

5%

Devastated my financial situation

Severely hurt my financial situation

Somewhat hurt my financial situation

Has not impacted my financial situation

Has improved my financial situation

May 15-17

May 29-31

Jun 12-14

9


How long do you expect that your financial situation will be worse due to the coronavirus?

3%

12%

27% 27%

16%

4%1%

9%

5%

12%

28%29%

14%

3% 1%

8%

3%

11%

25%

30%

17%

4% 2%

8%

Less than 1 month 1 to 2 months 3 to 5 months 6 to 12 months 1 to 2 years 3 to 5 years 6 or more years I don’t know

May 15-17 May 29-31 Jun 12-14

10


How has the coronavirus crisis impacted your personal financial situation?

% Devastated and Severely Hurt

32%

34%

27%

15%

32%

28%

25%

13%

34%

29%

25%

17%

18-29

30-44

45-60

> 60

By Age

May 15-17 May 29-31 Jun 12-14

41%

42%

32%

28%

19%

18%

20%

44%

34%

34%

28%

22%

17%

13%

40%

39%

34%

25%

24%

16%

15%

$0-$9,999

$10,000-$24,999

$25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$124,999

$125,000+

By Income

May 15-17 May 29-31 Jun 12-14

11


How has your family’s income changed since the coronavirus crisis began?

8%

15%

15%

18%

10%

30%

4%

8%

13%

18%

18%

11%

27%

5%

8%

13%

17%

17%

8%

32%

5%

Declined by 75% or more

Declined by 50-74%

Declined by 25-49%

Declined by 10-24%

Declined by less than 10%

Has not changed

Increased

May 15-17

May 29-31

Jun 12-14

12


How has your family’s income changed since the coronavirus crisis began?

% Declined by 50% or More

26%

27%

22%

15%

22%

24%

21%

10%

25%

26%

19%

15%

18-29

30-44

45-60

> 60

By Age

May 15-17 May 29-31 Jun 12-14

32%

39%

29%

19%

13%

13%

11%

34%

34%

29%

18%

14%

11%

7%

35%

34%

29%

19%

16%

10%

9%

$0-$9,999

$10,000-$24,999

$25,000-$49,999

$50,000-$74,999

$75,000-$99,999

$100,000-$124,999

$125,000+

By Income

May 15-17 May 29-31 Jun 12-14

13


In the past month were you unable to make the minimum monthly payment for any of these?

21%

10%

13%

11%

11%

5%

4%

22%

13%

12%

11%

11%

5%

4%

Credit card

Mortgage

Auto loan

Personal loan

Student loan

Home equity line or loan

Business loan

May 29-31Jun 12-14

14


Which of the following describe your financial situation in the past month?

52%

29%

28%

24%

22%

54%

31%

29%

23%

23%

I paid all of my bills on time

I experienced little or no financial stress

I paid my credit card balance in full or do not have a credit card balance

My monthly income was greater than my expenses

I contributed to a retirement account or saved money for retirement

May 29-31Jun 12-14

15


Which statement comes closest to your view about the impact of the coronavirus crisis on your personal finances?

17%

20%

37%

25%

22%

21%

34%

23%

22%

17%

35%

26%

The worst is behind us

The worst is right now

The worst is yet to come

Don't know

May 15-17May 29-31Jun 12-14

16


Which statement comes closest to your view about the spread of coronavirus (Covid-19)?

18%

17%

42%

23%

24%

18%

38%

20%

22%

16%

40%

22%

The worst is behind us

The worst is right now

The worst is yet to come

Don't know

May 15-17May 29-31Jun 12-14

17


Assuming restaurants are open, in how many weeks would you return to eating inside a restaurant?

11%

4%

8%

6%

10%

3%

6%

1%

6%

1%

2%

0%

21%

21%

14%

4%

9%

6%

9%

3%

5%

1%

7%

1%

2%

0%

20%

17%

18%

3%

8%

5%

7%

4%

4%

1%

7%

0%

3%

0%

19%

19%

This week

1 week

2 weeks

3 weeks

4 weeks

5 weeks

6 weeks

7 weeks

8 weeks

9 weeks

10 weeks

11 weeks

12 or more weeks

Don’t know

May 15-17May 29-31Jun 12-14

18


How long do you expect that it will take until your typical activities return to normal (work, travel, dining, entertainment, church, sports, etc.)?

6%

13%

22%

27%

18%

3%

2%

10%

5%

15%

20%

27%

19%

3%

1%

10%

6%

14%

18%

28%

18%

3%

2%

10%

Less than 1 month

1 to 2 months

3 to 5 months

6 to 12 months

1 to 2 years

3 to 5 years

6 or more years

I don’t know

May 15-17May 29-31Jun 12-14

19


How long do you expect that it will take for a coronavirus vaccine to be widely available in the United States?

1%

3%

10%

31%

34%

6%

2%

12%

Less than 1 month

1 to 2 months

3 to 5 months

6 to 12 months

1 to 2 years

3 to 5 years

6 or more years

I don’t know

Jun 12-14

20


Which statement comes closest to your view on the federal government’s/state’s approach to reopen the economy?

15%

28%

47%

10%

18%

33%

41%

8%

Moving too slow Moving at the right pace Moving too fast Don't know

Federal Government State May 29-31

21


Which of the following activities have you done in the past week?

74%

56%

28%

19%

23%

25%

19%

7%

7%

6%

74%

55%

29%

26%

25%

25%

20%

12%

8%

7%

75%

58%

31%

30%

27%

26%

18%

17%

9%

9%

Wore a face mask

Bought take-out food from a restaurant

Used an ATM

Visited friends

Deposited a check using a mobile phone

Used a drive-thru at a bank

Had groceries delivered

Ate inside a restaurant

Traveled to another state

Conducted a transaction inside a bank branch

May 15-17May 29-31Jun 12-14

22


Which of the following do you plan to do in the next 6 months/ 2021?

33%

29%

20%

17%

14%

14%

10%

8%

5%

47%

44%

33%

33%

29%

27%

17%

17%

12%

Visit an outdoor attraction (e.g. national park, zoo, theme park, etc.)

Stay in a hotel/resort

Take a domestic flight

Visit a cultural institution (e.g. museum, aquarium, etc.)

Attend a live outdoor concert or sporting event

Attend an indoor live performance (e.g. theater, comedy show, etc.)

Travel by train/rail or bus

Take an international flight

Take a cruise

In the next 6 monthsIn 2021

Jun 12-14

23© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power.

Banking

24


After the coronavirus crisis is over and it is safe to have in-person interactions, what are your plans for interacting with your banks or financial services providers?

11%

20%

17%

7%

6%

46%

17%

14%

22%

23%

8%

7%

45%

14%

I plan to visit the branch less than I did pre-crisis

I plan to use mobile banking more than I did pre-crisis

I plan to use the online banking more than I did pre-crisis

I plan to use the call center more than I did pre-crisis

I plan to switch banks to one that has better mobile capabilities

I’ll go back to how I behaved before / No Change from what I did pre-crisis

Don’t know

Apr 17-19Jun 12-14

25


In how many weeks do you think you will next go inside a bank branch to conduct a transaction?

9%

5%

9%

6%

10%

3%

5%

1%

4%

1%

2%

0%

15%

31%

This week

1 week

2 weeks

3 weeks

4 weeks

5 weeks

6 weeks

7 weeks

8 weeks

9 weeks

10 weeks

11 weeks

12 or more weeks

Don’t know

Jun 12-14

26


Have you received communication from your primary bank regarding the coronavirus?

40%

18%

13%

15%

14%

39%

22%

14%

12%

12%

42%

18%

12%

16%

12%

Yes, and it was helpful

Yes, but it was not helpful

No, but I would like to hear from my bank about the coronavirus

No, and I don’t want to hear from my bank about the coronavirus

Don’t know

May 15-17May 29-31Jun 12-14

27


Has your primary bank shown concern for your personal financial situation during the coronavirus crisis?

25%

39%36%

39%

31% 30%

44%

27%30%

47%

30%

23%

Yes No Don’t know

Mar 14 May 15-17 May 29-31 Jun 12-14

28


Please rate your primary bank on how well it is supporting its customers during the coronavirus crisis.

6%

23%

39%

19%

13%

5%

25%

39%

18%

13%

5%

23%

39%

22%

12%

4%

24%

37%

20%

15%

Poor Just OK Good Great Excellent

Apr 17-19 May 15-17 May 29-31 Jun 12-14

29


How much trust do you have that your primary bank will do what is in your best interest?

18%

27%

37%

13%

5%

17%

27%

39%

12%

5%

18%

26%

37%

14%

4%

A great deal of trust A lot of trust A moderate amount oftrust

A little trust Not any trust at all

May 15-17 May 29-31 Jun 12-14

© 2020 J.D. Power. All Rights Reserved. Charts, graphs, data and insights extracted from this publication must be accompanied by a statement identifying J.D. Power as the publisher and the J.D. Power Financial Services Covid-19 Pulse SurveySM as the source. No advertising or other promotional use can be made of the information in this publication or J.D. Power study results without the express prior written consent of J.D. Power. 30

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JIM MILLERVice President, Banking and Payments Intelligence

[email protected]

http://jdpa.com

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Financial Services COVID-19 Pulse Survey Power...Charts, graphs, data and insights extracted from this publication must be accompaniedbya statement identifying J.D. Power as the publisher