April 14, 2021
The COVID-19 pandemic has brought financial hardship for many Americans: A quarter of adults said they have had trouble paying their bills since the pandemic began, and another third said they dipped into savings to make ends meet. For Financial Literacy Month in April, let’s take a closer look at some top facts about how Americans manage their money — based on data from 2018-2020.
On the other hand, 44% of nonretirees said that their retirement saving is not on track, and the rest are not sure. Black (29%) and Hispanic (22%) nonretirees are less likely to view their retirement savings as on track than White nonretirees (43%). Learn more.
Breaking down emergency savings by income level, 75% of upper-income adults say they have a three-month rainy day fund, while only 48% of middle-income and 23% of lower-income adults say the same. Learn more.
In comparison, 26% carried a balance once or some of the time in that year and another 26% carried a balance most or all of the time. Learn more.
Upper-income Americans are most likely to have a mortgage or home loan — 60% do. This is compared to 50% of middle-income Americans and only 19% of lower-income Americans. Learn more.
Among lower-income adults, 37% say they or someone in their household has experienced a pay cut. Learn more.
Unemployment rate more than tripled in this group between February and April 2020
For the 24% of workers who don’t, illness can force difficult decisions
Share of young people who are neither working nor in school spikes