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The COVID-19 pandemic has wrought varying degrees of economic hardship for many, but it also has led many to adjust their short- and long-term financial planning, a pair of surveys has found.
A recent survey by The Ascent of 1,997 Americans who since early March have lost income found that 41% of respondents saw a reduction in work hours, 16.8% were furloughed, and 28.3% lost their jobs. The Ascent's report noted that the unemployment rate in the U.S.—3.5% in February, heading into the pandemic—jumped to 14.7% in April and 13.3% in May.
The report said "one positive thing about the COVID-19 crisis (if we consider 'positive' relatively) is that it's effectively forcing us to be more frugal," leading 64.9% of respondents to cut back on spending.
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David Gialanella
David Gialanella, Editor-in-Chief, Business of Law and The American Lawyer, has been with ALM since 2010 in various roles. He previously managed the New Jersey Law Journal and oversaw all of ALM's regional brands. Reach him at [email protected].
