Financial Fragility during the COVID-19 Pandemic

Annamaria Lusardi (), Robert Clark and Olivia Mitchell

No 15532, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Early in the COVID-19 pandemic, much of the US economy was closed to limit the virus’ spread, and several emergency interventions were implemented. Our analysis of older (45-75) respondents fielded in April-May of 2020 indicates that about one in five respondents was financially fragile and would have difficulty facing a mid-size emergency expense. Some subgroups were at particular risk of facing financial difficulties, especially younger respondents, those with larger families, Hispanics, and the low income. Moreover, the more financially literate were better able to handle such shocks, indicating that knowledge can provide some additional protection during a pandemic.

Keywords: Financial literacy; Financial resilience; Older population; Vulnerable groups (search for similar items in EconPapers)
JEL-codes: D14 G53 I38 (search for similar items in EconPapers)
Date: 2020-12
New Economics Papers: this item is included in nep-age, nep-cwa and nep-pke
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Citations: View citations in EconPapers (8)

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Related works:
Journal Article: Financial Fragility during the COVID-19 Pandemic (2021)
Working Paper: Financial Fragility during the COVID-19 Pandemic (2020)
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