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A Year Into the Pandemic, Long-Term Financial Impact Weighs Heavily on Many Americans

Pew Research Center Report – “About a year since the coronavirus recession began, there are some signs of improvement in the U.S. labor market, and Americans are feeling somewhat better about their personal finances than they were early in the pandemic. 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. 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.   The economic fallout from COVID-19 continues to hit some segments of the population harder than others. 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 2020.1 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…”

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