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A new survey of financial satisfaction recorded its largest quarterly drop ever this year, one measure of how profoundly the coronavirus pandemic, worsening across the United States, has affected the financial standing of Americans and retirement planning.
The American Institute of CPAs' Q2 2020 Personal Financial Satisfaction index (PFSi) showed a 55% drop from the previous quarter. AICPA said the drop was the largest ever in the history of the index, which uses a variety of data sources to capture whether and how U.S. residents are feeling more financial pleasure than pain.
AICPA said the downturn was most dramatically affected by a rise in underemployment, where a current job doesn't fully utilize a worker's skills.
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Mike Scarcella
Mike Scarcella is a senior editor in Washington on ALM Media's regulatory desk. Contact him at [email protected]. On Twitter: @MikeScarcella. Mike works on a slate of newsletters: Supreme Court Brief | Higher Law | Compliance Hot Spots | Labor of Law.
