Financial Insecurity

 Source:

https://www.zerohedge.com/markets/illusion-soaring-savings-amid-rising-economic-uncertainty

"Financial Insecurity
“Despite buoyant markets, millions of Americans faced unprecedented financial hardship caused by COVID-19. 

 

It has upended what work, income, and employment opportunities look like, as well as retirement. It has eaten into savings, forced people into debt, and created unprecedented levels of housing instability. 

 

 ... Yet certain populations, including seniors, people of color, and lower income Americans, have been disproportionately impacted both by the virus itself and the instability in its wake.” – SimplyWise

Here are some of the key findings:

55% of people are more concerned about retirement today than this time last year.

44% of Americans worry they’ll never be able to retire—an all-time high.

23% of Americans don’t have any retirement plan.

51% of Americans will need a 3rd stimulus check within the next 3-months.

48% of White Americans could not last more than 3-months off of their savings.

25% of Americans in their 60s could not last more than 3-months off their savings—an all-time high.

75% of people laid off due to COVID-19 couldn’t come up with $500 cash.

45% of Black Americans now fear falling behind on their rent or mortgage compared to 44% of Hispanic Americans and 28% of White Americans."