One in four adults say they ended up worse off financially from the pandemic, Fed says

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Nearly one-fourth of adults in a new survey said they were worse off financially in the wake of the COVID-19 pandemic, the Federal Reserve said Monday.

The downturn in financial health occurred broadly across the population, the study found.

Despite the setbacks, 75% of the adults surveyed still said they were either doing “okay or living comfortably” overall.

Disparities across education and race remained, the Fed said.

Almost 90% of adults with at least a bachelor’s degree were much more likely to report doing “okay” financially compared with 45% for those with less than a high school degree.

Less than two-thirds of Black and Hispanic adults were doing at least “okay,” compared with 80% of white adults and 84% of Asian adults.

The annual Fed release is based on a survey of 11,000 adults completed last November, eight months into the pandemic.

Layoffs during the pandemic were concentrated among workers with fewer financial resources to begin with, the survey found.



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