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Americans just weren't ready for a financial crisis the magnitude of the coronavirus pandemic. In fact, according to Clever.com, however shaky or sturdy people's financial wellness may have been before Covid-19 hit, a lot of them are a lot worse off, with 50 percent saying their savings are going to run out by the end of the month.
In addition, 25 percent have taken on more debt, 75 percent say the financial effects of the pandemic will be worse than those of the Great Recession (and remember, the recovery was only a recovery for part of the economy, with plenty—particularly millennials and would-be retirees—still struggling), 30 percent of homeowners had less than $1,000 in emergency funds before the pandemic hit and 22 percent don't have enough in savings to make one month's mortgage payment.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
