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Americans just weren't ready for a financial crisis themagnitude of the coronavirus pandemic. In fact, according toClever.com,however shaky or sturdy people's financial wellness may have beenbefore Covid-19 hit, a lot of them are a lot worseoff, with 50 percent saying their savings are going to run out bythe end of the month.
In addition, 25 percent have taken on more debt, 75 percent saythe financial effects of the pandemic will be worse than those ofthe Great Recession (and remember, the recovery was only a recoveryfor part of the economy, with plenty—particularly millennials andwould-be retirees—still struggling), 30 percent of homeowners hadless than $1,000 in emergency funds before the pandemic hit and 22percent don't have enough in savings to make one month's mortgagepayment.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
