![]() ![]() 3-16, 2020, using the Center’s American Trends Panel. These are among the findings of a Pew Research Center survey of 13,200 U.S. ![]() By comparison, 35% of middle-income adults and 21% of those in the upper-income tier say they’ve been saving less. ![]() Again, lower-income adults have been hardest hit – 51% among those who can typically save say they have been able to save less in recent months. ![]() Some 44% say they’ve been saving the same amount as they did before, and 19% say they’ve been saving more. Among those who indicate they are usually able to put money into savings, 36% say they’ve been saving less since the coronavirus outbreak started. In the meantime, many Americans say their ability to save money has been curtailed by the recent economic upheaval. Americans who have experienced job or wage loss – either personally or in their household – are more than twice as likely as those who have not to say they’ve had trouble paying their bills, struggled to pay their rent or mortgage, used money from savings or retirement to pay bills or borrowed money from friends or family. Job disruption, which has been much more pronounced among certain demographic groups, is strongly linked to financial struggles. Most workers who’ve experienced this (60%) are earning less now than they were before the coronavirus outbreak, while 34% say they are earning the same now as they were before the outbreak and only 6% say they are earning more. About a third of all adults (32%) say this has happened to them or someone in their household, with 21% saying this happened to them personally. Adults ages 18 to 29 are less likely than those 30 to 64 to have returned to their previous job.Įven if they didn’t lose a job, many workers have had to reduce their hours or take a pay cut due to the economic fallout from the pandemic. Lower-income adults who were laid off due to the coronavirus are less likely to be working now than middle- and upper-income adults who lost their jobs (43% vs. Of those who say they personally lost a job, half say they are still unemployed, a third have returned to their old job and 15% are in a different job than before. Young adults (ages 18 to 29) and lower-income adults are among the most likely to say this has occurred in their household. adults say they or someone in their household was laid off or lost their job because of the coronavirus outbreak, with 15% saying this happened to them personally. Job loss has also been more acute among certain demographic groups. 1 To be sure, some of these financial pain points may have existed even before the pandemic – particularly for lower-income adults. About one-in-five or fewer middle-income adults have faced these challenges, and the shares are substantially smaller for those in the upper-income tier. As was the case earlier this year, these types of experiences continue to be more common among adults with lower incomes, those without a college degree and Black and Hispanic Americans.Īmong lower-income adults, 46% say they have had trouble paying their bills since the pandemic started and roughly one third (32%) say it’s been hard for them to make rent or mortgage payments. A new Pew Research Center survey finds that, overall, one-in-four adults have had trouble paying their bills since the coronavirus outbreak started, a third have dipped into savings or retirement accounts to make ends meet, and about one-in-six have borrowed money from friends or family or gotten food from a food bank. ![]()
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