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Even before the COVID-19 outbreak led to massive numbers of unemployed workers and a significant downturn in the US economy, Americans struggled to save enough to provide a financial cushion to weather the storm.
Two recent studies by Northwestern Mutual found that one-third of Americans were within "three missed paychecks" of not being able to pay bills or having to take out loans to survive, and that debt accumulation was a contributing factor.
The 2020 Planning & Progress Study, an annual research project commissioned by Northwestern Mutual that explores Americans' attitudes and behaviors toward money, financial decision-making, and broader issues impacting people's long-term financial security, polled 2,650 American adults aged 18 or older between February 12-25.
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Heather Nevitt
Heather D. Nevitt is the Editor-in-Chief of Corporate Counsel and Global Leaders in Law.
