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Pandemic Relief Has Aided Low-Income Individuals: Evidence from Alternative Financial Services

Author

Listed:
  • Ying Lei Toh
  • Thao Tran

Abstract

Although low-income individuals are more likely to have lost their jobs due to the COVID-19 pandemic, pandemic relief efforts may have helped prevent them from experiencing increased financial distress. Consumer interest in payday loans, title loans, and pawn loans have all declined since the onset of the pandemic, suggesting low-income individuals have been able to access credit and meet basic financial needs without the use of these alternative financial services.

Suggested Citation

  • Ying Lei Toh & Thao Tran, 2020. "Pandemic Relief Has Aided Low-Income Individuals: Evidence from Alternative Financial Services," Economic Bulletin, Federal Reserve Bank of Kansas City, pages 1-4, December.
  • Handle: RePEc:fip:fedkeb:89456
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    File URL: https://www.kansascityfed.org/documents/7587/eb20tohtran1230.pdf
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    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic policy > Household support > CARES Act

    More about this item

    Keywords

    Alternative Financial Services (AFS); Payday; Pawnshops; Title Lenders; Pandemic; CARES Act; COVID-19;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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