Most in households that have faced job, wage loss see negative long-term financial impact of COVID-19

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March 2, 2021

A Year Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many Americans

Most in households that have faced job, wage loss see negative long-term financial impact of COVID-19

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Most in households that have faced job, wage loss see negative long-term financial impact of COVID-19

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A Year Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many Americans
About four-in-ten upper-income adults say their family’s financial situation has improved in the last year
Majorities of Black and Hispanic Americans rate their personal finances negatively
About three-in-ten lower-income adults say their family’s financial situation has worsened in the last year
Most families with upper and middle incomes have been able to continue building their savings since the pandemic started
Lower-income adults more likely than those with higher incomes to be spending more during the pandemic
Most who are spending less are doing so because of a change in their daily activities, not because of financial worries
About half of non-retired adults say the pandemic will make it harder for them to achieve their financial goals
Many older adults who have faced job loss or a pay cut face delayed retirement
Hispanic, Asian adults are more likely than other racial groups to say their household has lost either jobs or wages
About half of employed adults who took a pay cut since the pandemic began are still earning less than before
Women, those younger than 30, and lower-income workers among the most likely to have taken unpaid time off since the pandemic began
Three-in-ten adults frequently worry about their debt
About one-third of lower-income adults say they worry often about being able to buy enough food
Many lower-income adults have taken consequential measures to make up for lost wages during the pandemic
A majority of lower-income adults who expect to receive a payment from the government coronavirus aid package say they will use it on bills, essentials
Lower-income adults more likely to say the federal aid package will help them and their household a great deal
Partisan divide among Americans on who should have the greatest responsibility for making sure people can meet basic economic needs during the pandemic
American Trends Panel recruitment surveys
Invitation and reminder dates
Weighting dimensions
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ABOUT PEW RESEARCH CENTER Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of The Pew Charitable Trusts.

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