Half of Americans need a third Stimulus Check within next 3 months, finds January SimplyWise Index
The ongoing COVID crisis and uncertainty are making it harder than ever for Americans to pay the bills, let alone save and prepare for the long-term. The latest SimplyWise Index findings highlight the necessity of COVID-relief legislation for a majority of citizens.
NEW YORK, Jan. 26, 2021 /PRNewswire/ -- The January 2021 SimplyWise Retirement Confidence Index found that concerns over personal finances and savings remain high for all Americans. Yet certain populations, including seniors, people of color, and lower income Americans are disproportionately feeling the impact of the virus on their finances. Key report findings included:
- 55% of people are more concerned about retirement today than this time last year.
- 44% of Americans worry they'll never be able to retire—an all-time high.
- 23% of Americans don't have any kind of retirement plan.
- 64% of Black Americans could not last more than 3 months off their savings, compared to 48% of White Americans.
- 25% of Americans in their 60s could not last more than 3 months off their savings—an all-time high.
- 75% of people who were laid off due to COVID-19 couldn't come up with $500 cash.
- 45% of Black Americans now fear falling behind on their rent or mortgage, compared to 44% of Hispanic Americans, and 28% of White Americans.
- 51% of Americans need a third Stimulus Check within the next 3 months—and 76% who lost their job due to COVID-19 need a third stimulus check within 3 months.
- 69% of Social Security beneficiaries experienced at least 1 scam attempt in the last 3 months.
The bi-monthly study was conducted as an online, random sample survey of 1,029 Americans ages 18+ between January 8-10, 2021 to explore sentiment about savings and retirement, particularly given the recent political instability and ongoing COVID-19 crisis. It is part of SimplyWise's ongoing efforts to help Americans maximize savings and benefits, particularly given COVID-closures of Social Security offices.
"While the world is changing fast and things feel somewhat uncertain, staying both informed and empathetic with yourself and those around you will ensure that your future planning stays on track," says Sam Abbas, CEO, SimplyWise. Understanding your financial options can help you to find benefits, save smarter, and take control amidst today's uncertainty.
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