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Pandemic and Payment Choices: The Case of the Usa

Elvira Anna Graziano, Gerardo Petroccione
November 2025 - n. 11
Keywords: Pagamenti digitali, Covid-19, alfabetizzazione finanziaria, comportamento di pagamento dei consumatori, sicurezza finanziaria
Jel codes: D12, D91, G2, G41, I12, O33

The Covid-19 pandemic has profoundly altered consumers' financial and digital behaviours. This study employs two Structural Equation Models (Sems), based on a sample of 760 Us citizens, to analyse the factors influencing the adoption of digital payments. The findings indicate that anxiety induced by social media is a significant predictor of digital payment usage, Covid-19-related concerns, and perceptions of financial security. The second model highlights how emotional factors, amplified by the media, indirectly impact financial security through pandemic-related concerns. These findings, rather than being surprising, underscore the value of Sem in identifying complex pathways mediated by latent emotional factors, illustrating how, in times of crisis, emotions can outweigh rational variables, such as financial literacy, in financial decision-making.

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