Chicago, IL, May 26, 2020 (GLOBE NEWSWIRE) -- As the coronavirus crisis enters its third month, few have been spared from the economic impact of the deadly disease. Yet some people – low-income households, young people, women, and black and LatinX Americans – are struggling more than others. We leverage new data from the 2020 U.S. Financial Health Pulse, a nationally representative online survey fielded from April 20 to May 7, to show how people are struggling to survive amid the economic fallout from the coronavirus pandemic.  

A third (33%) of Americans have lost income because of COVID-19, with financially vulnerable populations most affected.

People cite multiple reasons for a decrease in income:

Americans are using multiple strategies to survive with less income, with vulnerable populations more likely to spend down savings and look for new work. 

Among those who have lost income:

Stimulus payments are helping, but those most in need are getting them later.

While a minority of Americans are bearing the brunt of the crisis, a majority (58%) report some degree of financial stress because of COVID-19.

The Financial Health Network is committed to providing unique insights and disaggregated data to inform the design of smart policies and solutions that can help people weather the ongoing COVID-19 crisis. For example, we will publish a brief in June that explores the impact of job loss on financial health in America. To stay up to date on the latest data, insights, and analytics, sign up for updates from the U.S. Financial Health Pulse.

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About the Financial Health Network

The Financial Health Network is the leading authority on financial health. We are a trusted resource for business leaders, policymakers and innovators united in a mission to improve the financial health of their customers, employees and communities. Through research, advisory services, measurement tools, and opportunities for cross-sector collaboration, we advance awareness, understanding and proven best practices in support of improved financial health for all. For more on the Financial Health Network, go to www.finhealthnetwork.org and follow us on Twitter at @FinHealthNet.

About the U.S. Financial Health Pulse

The U.S. Financial Health Pulse is made possible through a founding partnership with Flourish, a venture of The Omidyar Group. Additional support is provided by MetLife Foundation, founding sponsor of the Financial Health Network’s financial health work, and AARP. The Financial Health Network is partnering with the University of Southern California Dornsife Center for Economic and Social Research to field the survey to their online panel, the Understanding America Study. The Financial Health Network is working with engineers and data analysts at Plaid to collect and analyze transactional and account data from study participants who authorize it.

Naomi Bata
Center for Financial Services Innovation
312.881.5847
nbata@cfsinnovation.org