Piggy banks, wallets, and bank accounts all over the country are feeling emptier than usual. The financial impact of COVID continues to make life very difficult for many Americans. In fact, 51% report that they will need a third stimulus check within the next three months in order to pay bills, according to the 2021 SimplyWise Retirement Confidence Index [1].
The takeaways are grim. An all-time high number worry that they’ll never be able to retire—44% see themselves working for the rest of their lives. And 23% have no retirement plan at all. Compared to this time last year, 55% of people are more concerned about retirement.
Black Americans are feeling more financial pressure than their white counterparts. 64% of Black Americans report they cannot last more than three months off of their savings, compared to 48% of white Americans.
When it comes to the rent or mortgage, 45% of Black Americans now fear that they will fall behind on payments. That number for Hispanic Americans is 44%. It’s 28% for white Americans.
"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.”
Many people lost their jobs because of COVID, and 75% of those people say they couldn’t come up with $500 cash if they needed to.
And 25% of those aged 60 and older say they don’t have enough saved to last over three months, an all-time high. When it comes to Social Security beneficiaries, 69% of them have experienced at least one scam attempt in the last three months.
The online, random sample survey from SimplyWise polled 1,029 Americans over the age of 18 between January 8 and 10, 2021.