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Since the COVID-19 outbreak began, one-third of Americans have had to pull money from savings and retirement accounts in order to pay regular bills; 25 percent of American adults have struggled to make ends meet. While those in the lower-income bracket report the majority of these challenges, one in five middle-income adults has also faced some hurdles in paying bills during this pandemic. Food banks and similar organizations have seen far more takers, too. In fact, 33 percent of Black Americans report having picked up food from a food bank during this time.
Needless to say, these are hard times – some of the hardest our country has seen in a while. It certainly has many Americans rethinking their finances. The way Americans handled financial planning before the pandemic was, rightfully so, for a pre-pandemic world. They didn’t account for a virus wiping out jobs and the economy. And they shouldn’t necessarily have planned for that because pandemics don’t come along often. But now, we have one, and because of it, many have had to make a complete shift in how they handle money. We chatted with Rianka R. Dorsainvil, Co-CEO at 2050 Wealth Partners, about some financial projections for a post-pandemic world.
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Getting serious about savings
“As uncertain and scary as this year has been, the silver lining is that people are seriously paying attention to important things like strategic planning and saving,” says Dorsainvil. This pandemic may have been a wakeup call for the nearly 70 percent of Americans who had less than $1,000 in savings, and the 45 percent who had zero savings.
