What will it take for Americans to be financially resilient?

“The COVID-19 pandemic and its economic fallout revealed with shocking speed how fragile financial security is for Americans. In the space of a few months, more than 30 million people were thrown out of work. More than 100,000 small businesses were forced to permanently close their doors. As the latest Prudential Financial Wellness Census™ shows, more than half of U.S. adults saw their finances compromised— with people of color, women, younger people, small business owners, gig workers, and those employed in the retail industry disproportionately impacted.
The pandemic has exposed, in sharp relief, the precarity of our public health and economic systems, the pervasive extent of racial and social inequity, and Americans’ low immunity to financial disruption. This crisis will not be the last test of our country’s financial health, and has raised the stark question of whether financial resilience is truly possible. The answer is not a simple yes or no, so the prescription for recovery neither can be surface level. We must solve deep systemic vulnerabilities and boldly reimagine how people live and work, and how we earn, save, and protect against financial risks. In short, we must rebuild to enable inclusive and sustainable financial security.
The Financial Wellness Census™ shows how Americans have been impacted by the current crisis, how they have responded, and where they are looking for help. In doing so, the study identifies where we—businesses, government, charitable organizations, individuals—must focus our resources and ingenuity to make financial resilience a reality.” Click here for The Financial Wellness Census Report 2020

Source: Prudential Insurance Company
10-minute read.