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A Year Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many Americans
Lower-income adults more likely than those with higher incomes to be spending more during the pandemic
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- 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
- 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