Serious Financial Burdens Facing U.S. Households with Employment Loss During COVID-19

Abstract

The COVID-19 pandemic has created widespread disruptions to Americans’ lives, including severe financial impacts among a group of households who are in crisis. This analysis of a recent public opinion poll jointly conducted by Harvard T.H. Chan School of Public Health, National Public Radio, and the Robert Wood Johnson Foundation examines serious financial problems facing U.S. households with employment loss during the COVID-19 pandemic, and how problems differ by income. The authors discuss their findings and their implications for the future: (1) about two-thirds of households with employment loss during COVID-19 report facing serious financial problems, including most households earning less than $30,000 in 2019; (2) serious financial problems differ markedly by employment loss and income levels; (3) these problems were reported despite trillions of dollars distributed in aid, signaling additional help is needed; (4) these problems are likely to continue and worsen over time, as more than half of households with employment loss reported using up household savings by August.