More than three in 10 households in the four largest U.S. cities emptied their savings to survive the economic fallout due to the coronavirus, according to a new analysis.
“Millions of families in America are living paycheck to paycheck. There isn’t a lot of savings or a lot of wealth, so when you have superimposed on top of the daily struggles of life a major crisis like the COVID pandemic, you can see how it pushes many families over the edge,” said Richard Besser, CEO of the Robert Wood Johnson Foundation, one of the organizations that helped gather survey data for the report.
Researchers from the Robert Wood Johnson Foundation, the Harvard T.H. Chan School of Public Health, and NPR found that more than half of all households in New York City, Los Angeles, Chicago, and Houston reported facing serious financial problems during the pandemic, with issues ranging from depleting their savings to problems paying rent and