New Survey Shows Most Floridians Stressed About Finances During Pandemic

MoneyWise Florida released a survey this week showing a majority of Floridians continue to be stressed over their finances as the coronavirus pandemic continues.

State Chief Financial Officer Jimmy Patronis, Suncoast Credit Union, and MoneyWise Florida unveiled the survey on Thursday.

“When we launched MoneyWise Florida this past spring, we knew Floridians needed access to reliable resources that could help them weather these unprecedented times,” said Patronis. “These latest survey results underscore the continuing need to provide Floridians with additional financial knowledge, tips, and tools to help them through this prolonged difficult era.”

Among the new statewide poll findings:

  • Roughly three in four of the respondents (74 percent) continue to report high levels of stress relating to their personal and family financial situation, indicating that they worry about their household finances “sometimes,” “often,” or “constantly.”
  • During the past three months, 55 percent of respondents say their worries about finances have increased.
  • Female respondents, Hispanic respondents, and younger respondents ages 18-34 were more likely to say their financial worries have increased significantly.
  • Most respondents (71 percent) have received some form of a federal stimulus payment. Despite this, more than one in five (21 percent) have delayed paying bills.
  • Southeast Florida residents may be under considerable more financial stress than residents in other parts of the state. They were significantly more likely to report delays in paying bills, asking to waive late fees on payments, applying for forbearance on student loans, or applying for forbearance on mortgage payments.
  • Nearly two-thirds of respondents (62 percent) have six months or less of savings, while nearly one in five households (19 percent) report no savings at all.

Even before COVID-19 threw countless households into financial disarray, a MoneyWise Florida survey showed that Floridians faced significant financial challenges even in better times. The February 2020 survey found:

  • Nearly three-quarters of Floridians (69 percent) responded that they “sometimes,” “often,” or “constantly” worry about their household’s financial health.
  • More than one in three respondents (36 percent) agreed that they needed help understanding financial tasks.
  • Fully three in five Floridians reported that their savings would not keep their household afloat for six months or more.

In the meantime, MoneyWise Florida has launched a new video series offering financial tips.

“COVID-19 has disrupted most Floridian’s lives in many different ways. Many families are struggling to recover financially after the sudden slowdown of economic activity,” said Kevin  Johnson, the president and CEO of Suncoast Credit Union. “This new video series is yet another valuable resource created by MoneyWise Florida to help Floridians with their financial health and wellness.”



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