About 61% of people surveyed for a year for a pandemic admitted paying a living wage, with 62% currently experiencing it.
April 14, 2021
3 minutes of reading
This story originally appeared on Black business
An ongoing disaster of COVID-19 it continues to cause great harm to Americans’ personal finances.
Check out these spiky stats: About 61% of people surveyed a year enter pandemic admit to live paycheck to pay salary, with 62% The current experience it. People trying to make money to pay wages often have no or limited savings, making them much weaker financially and more vulnerable to stress.
At the same time, 43% currently do not have emergency savings. And for those with some savings for sudden events, 51% don’t have enough money to last more than six months. That is one shocking discovered in a new online survey 1,000 people by Real estate smart. The report was produced last month by Clever, an educational platform for home buyers, sellers and investors.
The pain of the pandemic continued to drag on. For example, about 10 million Americans are still unemployment. When the states reopened this spring, Clever reported the pandemic was leaving deep partisan divisions, there is a growing racial conflict and a growing gap between the rich and the poor between lower-income workers and those who can work remotely.
Clever’s Francesca Ortegren, chief researcher of the report, said what pretty alarming more than 4 out of 10 Americans report no emergency savings. The lack of savings left people with more debt in the last year, with 38% amassing over $ 3,000 in unsecured debt since the pandemic began. Furthermore, 22% of debtors predict it will take 5 years or more to pay off.
“American employees should be worried about the lack of savings in general,” she said. “As the country begins to lift more and more restrictions, people will go back to spending as they did before the pandemic (if not more).”
Plus, the black Americans, unfortunately, were disproportionate affected COVID finance. Ortegren said it was a special case with lost wages or unemployment and delays in receiving aid. She notes that black households are more likely to experience delays in receiving stimulation tests. She added that delays in aid could create or exacerbate situations in which black Americans have to live on wages for longer and / or carry additional debt during the pandemic.
“As we get out of the worst of the pandemic and close (hopefully), indebted black Americans should focus on paying off high-interest loans, like credit card debt or other short-term loans, to keep their debt out of control, ”said Ortegren.
Other survey results show that tenants are 56% more likely to report that they are in financial trouble and that they are 92% more likely than homeowners. based on on food stamps. About 43% of homeowners plan to sell their home in 2020 or 2021 but 65% have either delayed the sale or did not sell it entirely. Of those still planning to sell, 77% are expected to sell by 2021, potentially helping to increase the nation’s housing supply.
And although Americans are more active now than they were last September, most believe it will be a while before normal life returns. At least half of those surveyed do not believe that the US economy or their personal finances will recover until at least 2022.