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3 in 10 Americans lost income, poll finds

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Note this as the strangest fiscal day in recent memory.

While April 15 is generally the deadline for filing income tax returns, Americans this year are on borrowed time due to the coronavirus pandemic.

But less than half of Americans are taking advantage of the extension to pay Uncle Sam, according to a new poll.

The Harris poll found that 43% of Americans are benefiting from the extension of the deposit until July 15, while the rest plan to deposit by today. Almost 9 in 10 Americans are aware of the extension.

The poll for a nationally representative survey of 2013 American adults was conducted from April 11 to 13.

Americans are already plunged into a personal financial crisis due to the COVID-19 epidemic, which has closed most restaurants, travel and non-essential retail stores.

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According to the survey, about 3 in 10 Americans have already lost some income, 3 in 10 have stopped or reduced their retirement savings and 3 in 10 have increased their debt during the pandemic.

“Cash flow is now as important to Americans as Purell and toilet paper,” said John Gerzema, CEO of Harris Poll, in an interview.

About 1 in 4 has missed or plans to miss a bill payment soon, while about 1 in 5 has missed or plans to miss rent or mortgage payment soon.

Some 55% of Americans fear losing their jobs due to this crisis. Of all Americans, 53% say they do not withdraw money from their 401 (k) plan, while 12% do, and the rest do not have 401 (k).

America has suddenly become “a cash-strapped society that is increasingly concerned about the duration of this economic unrest,” said Gerzema.

This is probably one of the reasons why many people do not wait to file their taxes, he said.

“It’s the old saying: money in the bank now is better than money in the future and I think that is especially true for Americans right now,” he said. “People are trying to weather the storm and fold down the hatches. “

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.

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