Financial Fragility during the COVID-19 Pandemic / Robert L. Clark, Annamaria Lusardi, Olivia S. Mitchell.

Format:

Book

Author/Creator:

Clark, Robert L.

Contributor:

National Bureau of Economic Research.

Lusardi, Annamaria.

Mitchell, Olivia S.

Series:

Working Paper Series (National Bureau of Economic Research) no. w28207.

NBER working paper series no. w28207

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2020.

Summary:

Early in the COVID-19 pandemic, much of the US economy was closed to limit the virus' spread, and several emergency interventions were implemented. Our analysis of older (45-75) respondents fielded in April-May of 2020 indicates that about one in five respondents was financially fragile and would have difficulty facing a mid-size emergency expense. Some subgroups were at particular risk of facing financial difficulties, especially younger respondents, those with larger families, Hispanics, and the low income. Moreover, the more financially literate were better able to handle such shocks, indicating that knowledge can provide some additional protection during a pandemic.

Notes:

Print version record

December 2020.