The Economic Toll Of COVID-19 On SaverLife Members
Since the beginning of the pandemic, we have been tracking the financial impact of COVID-19 on our 380,000 members, monitoring the crisis’s effect on savings, debts, income, spending patterns, and more.
Today, we are releasing a new report that details the experiences of low-income families during the first six months of the pandemic. Our findings are compiled from aggregate data of millions of financial transactions and the results of surveys and polls of our membership.
As a nation, these past six months have been unprecedentedly difficult, and these difficulties have been more pronounced for SaverLife members—families living closer to the poverty line, relying on the social safety net, and now, often unsure of what tomorrow brings and how they will feed their families. The thin safety net they had in early 2020 has been completely eradicated by the pandemic, and the impacts will be long-lasting.
