Low Earners, Women, and Younger Workers Have Been Most Vulnerable to Income Loss During the COVID-19 Crisis
The COVID-19 crisis has been hard on Americans across the board, but new data from the Financial Health Network reveals that some demographic groups are being hurt more than others. A good 33% of Americans have lost income due to COVID-19, but that said:
Meanwhile, among workers who have seen their income decline since the crisis took hold, 34% have spent down their entire savings, 16% have sold items to bring in cash, and 14% have had to borrow money from friends and family to cover expenses. Additionally, 5% of those who have lost income have borrowed money from a retirement account -- an option that might seem like a good solution, but one that's loaded with drawbacks.
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Source Fool.com
