The COVID-19 Pandemic and Family Economic Well-being: Evidence from the Survey of Consumer Finances

Sarena Goodman, Alice Henriques Volz, Gina Li and Kevin B. Moore
Additional contact information
Sarena Goodman: https://www.federalreserve.gov/econres/sarena-f-goodman.htm
Alice Henriques Volz: https://www.federalreserve.gov/econres/alice-henriques-volz.htm
Gina Li: https://www.federalreserve.gov/econres/gina-li.htm
Kevin B. Moore: https://www.federalreserve.gov/econres/kevin-b-moore.htm

No 2024-068, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: The COVID-19 pandemic caused severe disruptions to the U.S. labor market and economic activity. We establish connections between family experiences of the pandemic, their income under normal conditions, and their later economic well-being using the 2022 Survey of Consumer Finances. By their interview, one-third of families experienced net employment declines, one-third had teleworked, and one-fifth had significant COVID-19-related health events. These experiences strongly reflected families’ positions in the income distribution, with lower-income families bearing the brunt. They also tightly predict income and wealth after the initial disruptions, signifying that the pandemic economy likely amplified pre-pandemic differences and fostered new divides.

Keywords: COVID-19; Survey of Consumer Finances; Family economic well-being (search for similar items in EconPapers)
JEL-codes: D31 G50 I18 J21 (search for similar items in EconPapers)
Pages: 28 p.
Date: 2024-08-23
New Economics Papers: this item is included in nep-hea
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2024-68

DOI: 10.17016/FEDS.2024.068

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