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Personal studies budget sample4/10/2024 ![]() 19-24, 2021, using the Center’s American Trends Panel. The nationally representative survey of 10,334 U.S. Among those in households that experienced job or wage loss since the outbreak began, 62% say the economic impact of the pandemic will make it harder for them to achieve their financial goals, compared with four-in-ten of those who haven’t had these experiences. Just 7% say the economic impact of the pandemic will make it easier and 41% say it’ll be neither easier nor harder for them to achieve their financial goals in the long run. Looking ahead, about half of non-retired adults (51%) say the economic impact of the coronavirus outbreak will make achieving their long-term financial goals harder. Personal financial ratings have been more stable among lower-income adults. Upper-income and middle-income adults, who saw declines in their personal financial ratings from August 2019 to April 2020, are now about as likely as they were before the coronavirus outbreak to say their personal finances are in excellent or good shape. In contrast, about three-quarters of lower-income adults (74%) and majorities of Black and Hispanic adults and those with a high school diploma or less education say their personal finances are in only fair or poor shape. More than eight-in-ten upper-income adults (86%) and 58% of those with middle incomes say their finances are in excellent or good shape, as do about six-in-ten or more adults with at least a four-year college degree, White and Asian adults, men, and adults ages 65 and older. adults now rate their personal financial situation as excellent or good, up from 47% in April 2020, when the U.S. ![]() ![]() (Family incomes are based on 2019 earnings.) Upper-income adults are also more likely than those with middle or lower incomes to say they have been spending less and saving more money since the coronavirus outbreak began. About four-in-ten (39%) say their family’s financial situation has improved compared with a year ago 32% of those with middle incomes and just 22% of lower-income adults say the same. Related: Unemployed Americans are feeling the emotional strain of job loss most have considered changing occupationsĪdults with upper incomes have fared better. 1 Among those who’ve had these experiences, lower-income and Black adults are particularly likely to say they have taken on debt or put off paying their bills in order to cover lost wages or salary. Lower-income adults, as well as Hispanic and Asian Americans and adults younger than 30, are among the most likely to say they or someone in their household has lost a job or taken a pay cut since the outbreak began in February 2020. The economic fallout from COVID-19 continues to hit some segments of the population harder than others. Among those who say their financial situation has gotten worse during the pandemic, 44% think it will take them three years or more to get back to where they were a year ago – including about one-in-ten who don’t think their finances will ever recover. Still, about half of non-retired adults say the economic impact of the coronavirus outbreak will make it harder for them to achieve their long-term financial goals, according to a new Pew Research Center survey. labor market, and Americans are feeling somewhat better about their personal finances than they were early in the pandemic. References to disabled adults include those who say a disability or handicap keeps them from fully participating in work, school, housework or other activities.Ībout a year since the coronavirus recession began, there are some signs of improvement in the U.S. “Lower income” falls below that range “upper income” falls above it. “Middle income” is defined here as two-thirds to double the median annual family income for panelists on the American Trends Panel. “Some college” includes those with an associate degree and those who attended college but did not obtain a degree. References to college graduates or people with a college degree comprise those with a bachelor’s degree or more. Democrats include those who identify as Democrats and those who say they lean toward the Democratic Party. ![]() Republicans include those who identify as Republicans and those who say they lean toward the Republican Party. Hispanics are of any race.Īll references to party affiliation include those who lean toward that party. References to White, Black and Asian adults include only those who are not Hispanic and identify as only one race. References to those who have experienced job or wage loss include those who say they or someone in their household has been laid off (including temporarily) or furloughed or taken a pay cut since the coronavirus outbreak began in February 2020.
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