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Financial vulnerability and the impact of COVID-19 on American households

Author

Listed:
  • Carol Bruce
  • Maeve E Gearing
  • Jill DeMatteis
  • Kerry Levin
  • Timothy Mulcahy
  • Jocelyn Newsome
  • Jonathan Wivagg

Abstract

In May 2020, Westat, in partnership with Stanford University School of Medicine, conducted a nationally-representative household survey of American attitudes and behaviors regarding COVID-19. In this article, we examine what the Coronavirus Attitudes and Behaviors Survey tells us about the impact of COVID-19 on financial status and how this impact varies by demographic characteristics, the presence of health risk factors, and financial status (including employment factors). The survey reveals significant inequality in financial impact, as those who were most financially vulnerable prior to the pandemic found themselves under greater financial strain, while those who were more financially secure have experienced a neutral or even positive impact of the pandemic on household finances. These findings have important implications for public policy as policymakers seek to target aid to those who need it most.

Suggested Citation

  • Carol Bruce & Maeve E Gearing & Jill DeMatteis & Kerry Levin & Timothy Mulcahy & Jocelyn Newsome & Jonathan Wivagg, 2022. "Financial vulnerability and the impact of COVID-19 on American households," PLOS ONE, Public Library of Science, vol. 17(1), pages 1-11, January.
    • Handle: RePEc:plo:pone00:0262301
    DOI: 10.1371/journal.pone.0262301
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    References listed on IDEAS

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    2. Coibion, Olivier & Gorodnichenko, Yuriy & Weber, Michael, 2020. "Labor Markets During the Covid-19 Crisis: A Preliminary View," Department of Economics, Working Paper Series qt7rx7t91p, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
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    Cited by:

    1. Kexin Meng & Jing Jian Xiao, 2026. "Household Financial Vulnerability Before and During the COVID-19 Pandemic: An Exploration Through Machine Learning Approach," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 181(1), pages 1-21, January.
    2. Steimle, Samantha & Gassman-Pines, Anna & Ryan, Rebecca M., 2024. "The expanded Child Tax Credit and low-income families’ food insecurity: Associations across and within months of receipt," Children and Youth Services Review, Elsevier, vol. 164(C).
    3. Kim, Amee & Vanheusden, Frederique J. & Rashid, Mamunur, 2025. "Factors affecting UK household financial risk-taking and their implications for consumption of financial investments," International Review of Economics & Finance, Elsevier, vol. 103(C).
    4. Adeyemo, Temitayo A., 2023. "Building resilience capacity: what matters for the Nigerian agricultural sector?," 2023 Seventh AAAE/60th AEASA Conference, September 18-21, 2023, Durban, South Africa 365889, African Association of Agricultural Economists (AAAE).
    5. García, Gonzalo Llamosas & Pérez-Oleaga, Cristina Mazas, 2025. "What works in financial education? Experimental evidence on program impact," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 119(C).
    6. Maru Zewdu Kassie & Seyifemickael Amare Yilema & Alebachew Taye Belay & Najmeh Nakhaei Rad & Ding-Geng Chen, 2025. "Determinants of the perceived financial threat of COVID-19 and implications for household economic stability: an application of the partial proportional odds model," Health Economics Review, Springer, vol. 15(1), pages 1-10, December.

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