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New TransUnion research reported that more than half ofconsumers said their household has been financially impacted byCOVID-19 and that they will not be able to pay their bills andloans in less than six weeks.

What's more, consumers with a member in their household whoworks in restaurants, financial services, manufacturing orretail are struggling the most financially.

According to TransUnion's online survey of more than 2,000adults released last week, 69% of consumers indicated there issomeone in their household who works in the financial servicesindustry and was impacted by a job loss, reduction in work hours orloss of freelance work.

Seventy-seven percent of consumers said there is someone intheir household who works in the restaurant/food servicesindustry who has been financially affected by a job lossor reduction in hours because of the coronavirus crisis; and inmanufacturing and retail, 68% of consumers said someone in theirhousehold who works in those industries has been impacted byCOVID-19.

Fifty-one percent of consumers said they have cut back on alldiscretionary spending, while 23% have reduced the amount of moneythey are socking away in their retirement and savings funds.Nineteen percent said they are delaying an auto purchase and 12%said they are placing on hold buying a home, according to theTransUnion survey.

About 19% of consumers have used their retirement savings to paybills, while 18% said they have increased their usage of availablecredit.

More than 40% of consumers are concerned about their ability topay credit cards while 26% said car payments, mortgage (23%),personal loan (20%) and student loan (15%).

Though more than 60% of consumers who identified as Gen X,mMillennials and Gen Z have contacted companies to discuss paymentoptions, only 30% of baby boomers have done so.

Of the survey respondents with accommodations on loans, 32% saidthey would prefer a repayment plan to catch up gradually whilemaking regular payments, 21% would prefer an extension on the loanaccommodation for a few months and 18% would prefer to pay off allpostponed payments with a lump sum.