COVID-related benefits enabled many Americans to save money and pay off debts — but that Band-Aid is being ripped off for some
During the pandemic, many Americans saw their financial situations improving. As a result of stimulus checks, enhanced unemployment benefits, student loan and mortgage forbearance combined with business shutdowns during the lockdown phase, many Americans were able to build up savings and pay off credit-card debt.Overall, 27% of U.S. adults ended the year worse off financially compared to 25% who ended better off.
Some 31% of women said they ended the year worse off while some 20% said they ended the year better off financially. A greater share of men said they ended the year better off while 24% said they ended worse off. “Women and adults with annual income below $50,000 also indicated they have the most difficulty managing their finances across all demographic groups.”
Morning Consult financial services analyst Charlotte Principato said “headwinds of the pandemic and inflation” explain why many Americans are having difficulty managing their finances and feel they are worse off financially.
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