News

# One in four adults say they ended up worse off financially from the pandemic, Fed says

Table of Contents

“#
One in four adults say they ended up worse off financially from the pandemic, Fed says
”

Nearly one-fourth of adults in a new survey said they were worse off financially in the wake of the COVID-19 pandemic, the Federal Reserve said Monday.

The downturn in financial health occurred broadly across the population, the study found.

Despite the setbacks, 75% of the adults surveyed still said they were either doing “okay or living comfortably” overall.

Disparities across education and race remained, the Fed said.

Almost 90% of adults with at least a bachelor’s degree were much more likely to report doing “okay” financially compared with 45% for those with less than a high school degree.

Less than two-thirds of Black and Hispanic adults were doing at least “okay,” compared with 80% of white adults and 84% of Asian adults.

The annual Fed release is based on a survey of 11,000 adults completed last November, eight months into the pandemic.

Layoffs during the pandemic were concentrated among workers with fewer financial resources to begin with, the survey found.

Greg Robb

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.