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The Early Impacts of the Coronavirus Pandemic on Americans’ Economic Security

dc.contributor.authorAngrisani, Marco
dc.contributor.authorBurke, Jeremy
dc.contributor.authorKapteyn, Arie
dc.date.accessioned2022-03-03T15:43:08Z
dc.date.available2022-03-03T15:43:08Z
dc.date.issued2021-09
dc.identifier.citationAngrisani, Marco, Jeremy Burke, and Arie Kapteyn. 2021. “The Early Impacts of the Coronavirus Pandemic on Americans’ Economic Security.” Ann Arbor, MI. University of Michigan Retirement and Disability Research Center (MRDRC) Working Paper; MRDRC WP 2021-426 https://mrdrc.isr.umich.edu/publications/papers/pdf/wp426.pdfen_US
dc.identifier.urihttps://hdl.handle.net/2027.42/171790en
dc.description.abstractThe COVID-19 pandemic has had enormous effects on the U.S. economy and may have had serious negative repercussions for many Americans’ financial stability. We use longitudinal survey data from a nationally representative internet panel, the Understanding America Study, to examine the early impacts of the pandemic and policy responses to it, on Americans’ financial stability, financial well-being, and financial behavior (as of May 2020). We find that rather than experiencing large declines, Americans’ financial stability improved, on average, soon after the pandemic’s onset of the. In particular, we observe increases both in subjective measures (such as financial satisfaction) and in more objective measures (such as financial fragility and savings behavior and balances). Moreover, individuals who were more economically vulnerable prepandemic — such as those with lower incomes and financial literacy, and individuals struggling with debt burdens or having difficulty making ends meet — experienced differentially large improvements in their financial situation post-pandemic. We find evidence that much of the improvement, both overall and differential, was driven by the stimulus, which was more impactful for those who were more economically vulnerable. Rather than simply help prevent widening inequality in financial stability, the governmental policy response may have helped close the gap, at least early in the pandemic. While we find that Americans’ current financial situation improved post-pandemic, we observe little difference in retirement savings behavior or security, suggesting these early effects may not translate into improved retirement outcomes in the future.en_US
dc.description.sponsorshipU.S. Social Security Administration, RDR18000002-03, UM21-11en_US
dc.language.isoen_USen_US
dc.relation.ispartofseriesWP 2021-426en_US
dc.subjecteconomic security, retirement planning, COVID-19en_US
dc.titleThe Early Impacts of the Coronavirus Pandemic on Americans’ Economic Securityen_US
dc.typeWorking Paperen_US
dc.subject.hlbsecondlevelPopulation and Demography
dc.subject.hlbtoplevelSocial Sciences
dc.contributor.affiliationumMichigan Retirement Research Centeren_US
dc.contributor.affiliationotherUniversity of Southern California, Center for Economic and Social Researchen_US
dc.contributor.affiliationotherUniversity of Southern California, Center for Economic and Social Researchen_US
dc.contributor.affiliationotherUniversity of Southern California, Center for Economic and Social Researchen_US
dc.contributor.affiliationumcampusAnn Arboren_US
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/171790/1/wp426.pdf
dc.identifier.doihttps://dx.doi.org/10.7302/4181
dc.description.filedescriptionDescription of wp426.pdf : working paper
dc.description.depositorSELFen_US
dc.working.doi10.7302/4181en_US
dc.owningcollnameRetirement and Disability Research Center, Michigan (MRDRC)


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