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News

The Struggle Is Real: 44 Percent Of Families Spent All/Most Of Savings Since COVID-19

Children
Children Photo Credit: Wikimedia Commons: Sari Huella

A new poll of U.S. households with children found that more than 60 percent are facing major financial difficulties since the COVID-19 outbreak.

Released in September, the new study, “The Impact of Coronavirus on Households With Children,” is a research project between NPR, the Robert Wood Johnson Foundation, and the Harvard TH Chan School of Public Health.

The study polled nearly 3,500 adults with children and highlights how households are faring in areas of child care, finances, employment, and health, among others since COVID-19 upturned the national economy.

- 61 percent of households with children said they are facing serious financial problems due to someone losing a job, having their wages or hours reduced, etc. The poll said that Latinos, in particular, are feeling the strain: 86 percent of Latino households are facing financial difficulties, the study said.

- 44 percent of households said they have spent all or most of their savings during the COVID-19 outbreak.

- About 60 percent of households with kids are finding it difficult to care for their children; 36 percent said they are having a hard time keeping their child or children’s education going.

Read the whole report here. 

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