COVID-19 Squeeze on US Adults Tightens
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- About 17% of US adults said in December 2020 that the COVID-19 pandemic cut their household income by at least 50%, and 36% said their annual household income had fallen below $30,000 in a Prudential survey
- Earlier in May, only about 19% of the participants in a similar Prudential survey said their annual income was under $30,000
- Similarly, the survey found that the percentage of participants who reported falling behind on bills increased from 11% in May to 24% in December
- Prudential also found a big impact of the pandemic on consumption: about 15% of the participants said they cut their spending on medical care because of financial issues
- Prudential Financial Inc. reported these findings in a summary of results from its most recent financial wellness survey