Low-income, minority Americans getting hit the most by COVID-19 economic fallout

Low-income, minority Americans getting hit the most by COVID-19 economic fallout

Photo Credit: Blue Skyworks Studios

By: Justin Boggs | September 24, 2020 | WXYZ – A pair of studies released in recent days show how the worst of the economic woes have hit lower-income and minority Americans.

According to Pew Research, 46% of lower-income Americans have trouble paying bills since March. The data also indicated that 51 % of lower income Americans have had more difficulty saving money since the start of the pandemic.

For those considered “upper income,” just 21% say were saving less money than before the pandemic, compared to 25% of upper-income Americans who were able to save more, according to Pew.

Pew’s data also showed that minorities were much more likely to be financially impacted. The data showed that 11% of whites received assistance from a food pantry or food bank since March, compared to 33% of Blacks and 30% of Hispanics.

The data also showed that Blacks and Hispanics were two times more likely to have difficulty paying bills.

study by Harvard released earlier this month showed similar data.

The data found that 71% of Americans with a household income of less than $30,000 faced financial difficulty amid the pandemic, compared to 20% of households making more than $100,000. The data also found that 72% of Latinos and 60% of Blacks faced financial burdens compared to 36% of whites.

View the Bankrate Survey via the link below: Those hit financially by COVID-19 paying 4 times more in bank fees: https://www.bankrate.com/banking/checking/best-checking-accounts/#covid-19-bank-fees