Prosperity NOW: The Unequal Impact of the COVID-19 Crisis on Households’ Financial Stability

April 7, 2020

The negative impact of the COVID-19 pandemic in the U.S. is nothing short of devastating. Currently, our nation is leading in new cases, and overall deaths relating to this insidious virus. In addition to the hundreds of thousands of lives lost during this crisis, the U.S. economy is suffering as we are witnessing massive layoffs, hiring freezes, and permanent store closures.

While the economic impact will be felt widely, it will more severely impact certain segments of the population that were already economically vulnerable before the crisis hit. 

A brief released today by Prosperity Now provides an overview of the groups that will be most immediately affected by the economic shock prompted by the COVID-19 crisis.

Drawing on data compiled in the most recent Prosperity Now Scorecard shows how this crisis is likely to more severely and immediately impact the financial stability of:

  • About 45 million households that lack sufficient cash to weather an emergency
  • Tens of millions of American workers who are employed in low-wage occupations, or who are paid hourly wages
  • Racial and ethnic minorities, undocumented immigrants, and women, all of whom are more likely to work in low-wage occupations and have less in savings
  • Low-wage workers in certain occupations and states without vital protections and benefits

This month, Prosperity Now will host a webinar to dive further into the brief and answer your questions. More information about this webinar is soon to come. Please invite your colleagues and friends to join the Prosperity Now Community so that they can be alerted about this webinar when it is made available.

Don’t forget that you can access various resources from Prosperity Now, and from our Community partners across the field, on our website here.