For instance, 44% of those Pew surveyed said they or someone in their household experienced either a job loss or pay cut since February 2020. Among those who were most likely to have experienced one or both of those earnings hits were lower-income adults (49%), young adults (61%), Hispanics (58%) and Asian Americans (54%).
Meanwhile, women (23%), young adults (28%) and those in lower income households (32%) were most likely to say they had to take unpaid time off due to family or medical reasons.
On the flip side, the Pew survey also revealed that just under a third of all employed workers got a higher paying job or raise (31%) or made more money due to overtime pay or working more hours (23%).
When the results were broken down by income levels, roughly 30% of lower-income workers reported earning more money, through overtime or longer hours. Only 24% of middle-income workers and 15% of upper-income workers said the same.
Those most likely to report getting a higher paying job or raise were men (32%), young adults (47%) and upper-income earners (33%).
A savings boon for some, and a long climb back for others
One silver lining of the pandemic for many — especially those who have been working from home — has been their ability to save more money since so many normal expenses tied to going out or commuting were eliminated. Overall, 42% of those surveyed said they have been spending less money than usual.
Those fatter savings, though, have gone disproportionately to upper-income households. A third of those households (32%) reported saving more than usual, while only 16% of lower-income households said the same.
When it comes to one’s overall financial situation, 30% of people said it has improved, while 21% said it has gotten worse since February of last year.
But upper-income folks were more likely to be on the upside of that divide, with 39% saying that their family’s financial situation is better today than it was a year ago. Less than a third of middle-income households (32%) and lower-income households (22%) expressed that sentiment.
Conversely, lower-income adults (31%) were most likely to say their financial situation is worse, while upper-income people (11%) were least likely.
Looking ahead, the negative financial effects of the pandemic may linger for many people.
Of those Americans who were hurt financially in the past year, 26% expect it will take three to five years for their finances to get back to where they were before Covid struck. Another 6% say it could take up to a decade. And 12% expect they will never recover.
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