collage of headlines about debt and some coins from a jar (Photo: Shutterstock)

Americans just weren’t ready for a financial crisis the magnitude of the coronavirus pandemic. In fact, according to Clever.com, however shaky or sturdy people’s financial wellness may have been before Covid-19 hit, a lot of them are a lot worse off, with 50 percent saying their savings are going to run out by the end of the month.

In addition, 25 percent have taken on more debt, 75 percent say the financial effects of the pandemic will be worse than those of the Great Recession (and remember, the recovery was only a recovery for part of the economy, with plenty—particularly millennials and would-be retirees—still struggling), 30 percent of homeowners had less than $1,000 in emergency funds before the pandemic hit and 22 percent don’t have enough in savings to make one month’s mortgage payment.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

More from this author

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.