The economic impact of the coronavirus has already started to impact consumers, with 63% of Americans saying their personal finances have been affected, according to a LendingTree survey.
The market downturn has stung their confidence, as has the surge in panic buying, the survey indicated.
Twenty-seven percent of respondents said they've lost money in the stock market, and 21% say they are spending more than they can afford on various supplies.
"The coronavirus (COVID-19) is a global pandemic, and its effects can be felt throughout all aspects of life," LendingTree said in the survey report. "The empty office spaces, barren grocery store shelves and lonely remote workers tell a new story that hasn’t been told before."
In addition to the 63% of people who said the outbreak is impacting their finances in some way, 21% said they think the pandemic will "severely" impact their finances, and 35% said their money will be somewhat impacted. Less than 25% expect no impact.
"Medical bills are a top contributor to financial hardship," LendingTree said in the report, adding that 27.5 million Americans having no health insurance is a big reason so many people are stressed. "Our survey found that about one in six Americans (17%) worries about the cost of medical treatment should they contract the coronavirus."
Among the other findings, 44% of respondents said they're worried about paying their rent or mortgage, 17% said they're worried about paying their bills, and 10% said they lost money on non-refundable travel plans.
Younger people are seeing a higher impact on their income, with 51% of employed Gen Zers and 44% of millennials saying their paychecks have been harmed, compared with about 40% of the overall population, LendingTree said. Nearly a quarter of respondents said their work hours have been reduced because of the coronavirus outbreak.
Americans also worry about losing stock market/retirement savings (12%), losing their jobs (12%) and finding child care (4%), according to the survey.
The online survey of 1,050 U.S. adults was conducted March 13, LendingTree said.