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The COVID-19 pandemic is taking a toll on the finances of everyday Americans, according to a new survey from COUNTRY Financial. Forty-nine percent of the survey respondents said the pandemic has worsened their financial situation, with a third of respondents saying they were not financially prepared for the pandemic.

The pandemic's effects are also having a disproportionate impact on minorities, according to the survey. 45% of Hispanics and 34% of black Americans said they weren't prepared, compared to 29% of white Americans. One-third of Hispanic respondents said the pandemic has affected their ability to pay their bills on time.

That's why it's even more important now for Americans to set good financial goals for themselves, according to COUNTRY Financial. The Bloomington, Illinois-based financial institution is recommending that Americans develop budgets, create emergency funds, and evaluate their short-term and long-term financial goals.

"This is an incredibly difficult time for so many Americans because we have never experienced a pandemic like this before. At a time when we feel like so much is out of our control, we have to focus on what is in our power, which is how much we spend and what we save," said Troy Frerichs, Vice President of Investment Services at COUNTRY Financial, in a press release. "Cut spending where you can and concentrate on paying bills on time to avoid a buildup of debt and fees that will have to be paid later."

The pandemic's economic effects are causing Americans to have a bleak outlook on the future, which is being reflected in their financial priorities.

Approximately 45% of survey respondents said their top financial goal was paying their day-to-day expenses. That's where they're putting their stimulus checks from the federal government — 38% of the respondents say they're going to spend that money on everyday expenses while 15% of them will use it to pay their mortgage or their rent.

Only small percentages of Americans are focusing on their long-term financial goals as a result of the pandemic, according to the survey.  Only 16% of respondents said they're saving for retirement right now while only 5% are investing in the stock market. Similarly, only 22% of respondents are planning to save or invest their stimulus checks.

"If you haven't developed a financial plan, now is the time to kick planning into high gear and assess what your short-term and long-term goals are," Frierichs said. "If you have developed a plan but haven't been good about keeping to your goals, now is the time to re-commit and work on developing better personal financial habits."

The respondents' pessimism is also reflected in their answers about the timeline of a potential economic recovery. 32% of respondents said they believe the U.S. economy will recover within a year. But 46% of respondents believe it will take two to five years — maybe longer — for the economy to recover.

Fifty percent of respondents said they have not made changes to their retirement plan since the pandemic hit. But 11% of respondents have either paused or reduced their contributions, while another 34% of respondents said they have no retirement savings at all.

David Thomas is a reporter covering the business of law, with an emphasis on national and global law firms for The American Lawyer, Law.com and other ALM publications.