While pandemic has cost millions of jobs, some are actually paying down debt, poll says
Millions of Americans have lost their jobs as a result of the coronavirus pandemic, many of whom have admitted to missing rent payments and other household bills.
But despite the financial ruin for some, others have improved their financial situations. One poll revealed that about half of Americans have either saved more money than usual or paid down debt since the pandemic began.
“The public’s assessment of the U.S. economy, which declined at the start of the coronavirus outbreak, remains low. But even as many have endured unemployment, pay cuts, and financial insecurity, Americans are about as likely as they were before the coronavirus outbreak to describe their personal financial situation positively,” the researchers with the Associated Press NORC Center for Public Affairs Research said in their report.
The team conducted online and telephone interviews with 1,075 adults from all 50 states and the District of Columbia in both English and Spanish from Aug. 17-19.
Two-thirds of the respondents said they are spending less money during the pandemic, an easy feat to accomplish when many businesses remain closed to prevent coronavirus spread.
But still, nearly 50% said COVID-19 has affected their paychecks by layoff, reduced salary or a cut in hours, according to the poll; 26% said they have been unable to pay their rent, mortgage or other bills.
At the same time, 45% of Americans said they are saving more money than usual, with 26% paying debt at faster rates than they were before the coronavirus hit.
Specifically for student loans, relief on payments has been extended from Sept. 31 to Dec. 31, McClatchy News previously reported. The relief includes the suspension of loan payments and an interest rate of 0%.
Views on the economy differ between political parties, too, the poll found; 63% of Republicans reported that the national economy was “good,” while 80% of Democrats said it’s in poor condition.
Meanwhile, the parties are more on the same page when it comes to personal finances — “79% of Republicans say their own financial situation is good, as do 56% of Democrats,” according to the poll.
The poll had a margin of error of +/- 4.1 percentage points.
This story was originally published August 25, 2020 at 3:10 PM with the headline "While pandemic has cost millions of jobs, some are actually paying down debt, poll says."
