Amid the daily release of new information regarding COVID-19 (coronavirus), the idea of business as usual has been turned upside down. In fact, there’s not much “as usual” going on anywhere these days.
As you activate your business continuity plans and implement preparations to protect the health and physical safety of employees and account holders, concern among consumers about their financial well-being is on the rise. According to a recent survey conducted by Prudential, 54% of Americans indicated they’re not financially prepared to handle a situation like Coronavirus that could limit their ability to work for a few weeks or more. Well before the onset of the virus earlier this year, more than 74% of Americans were living paycheck-to-paycheck with about 40% of consumers unable to cover a $400 financial emergency. This additional uncertainty has many worried more about their financial well-being than their health.
But there are things you can do to alleviate some of the stress your account holders are feeling regarding their financial stability as we all wait to see what the next few weeks and months have in store.
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