As many Americans struggle with the effects of the coronavirus recession, a third say they have turned to savings or retirement accounts to pay their bills. Similar shares of adults across these three age groups who have been laid off because of the outbreak remain unemployed. A quarter of U. S. adults say they or someone in their household has been laid off or lost a job because of the coronavirus outbreak, and 32% say they or someone else in their household has taken a pay cut due to reduced hours or demand for their work.
These figures are largely unchanged from when Pew Research Center last asked these questions in early May. In the meantime, many Americans say their ability to save money has been curtailed by the recent economic upheaval. Among those who indicate they are usually able to put money into savings, 36% say they’ve been saving less since the coronavirus outbreak started.
Several 47% of adults age range 18 to 29 who else usually save say they will are able to help save less. Among older standard savers, 37% of individuals ages 30 to forty nine, 35% of the people 50 to be able to 64 and 23% regarding those ages 65 in addition to older have put fewer money into savings inside the same timeframe. Younger individuals are more likely to be able to work in industries influenced by coronavirus shutdowns and to be able to carry more debt, which often can affect their capacity to save. Usage of these kinds of additional resources considering that the coronavirus outbreak began is far more frequent among Americans with lower incomes. Among middle-income adults, 33% say they have used money from a savings or retirement account to pay their bills, 11% have borrowed money from family or friends, 12% have gotten food from a food bank or charitable organization, and 7% have received government food assistance. While much smaller shares of upper-income adults say they have drawn on these resources, 15% say they used money from a savings or retirement account to pay their bills since the coronavirus began.
Some 44% say they’ve been saving the same amount as they did before, and 19% say they’ve been saving more. Again, lower-income adults have been hardest hit – 51% among those who can typically save say they have been able to save less in recent months.
By comparison, 35% of middle-income adults and 21% of those in the upper-income tier say they’ve been saving less. Of those who say they personally lost a job, half say they are still unemployed, a third have returned to their old job and 15% are in a different job than before.