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During the first months of the COVID-19 pandemic, only a third of Houston-area households with children reported having enough money saved to cover one month of expenses, according to a new research brief from Rice University’s Houston Education Research Consortium (HERC).
Overall, about 37% of households with children had enough money to cover a month of expenses, researchers discovered. Among families earning less than $50,000 per year, only 8% reported a month’s worth of savings. By contrast, 80% of households earning $100,000 or more had at least a month of savings.
“COVID-19 Pandemic in the Houston Region Family and Well-being: Findings from the Gulf Coast Coronavirus (COVID-19) Community Impact Survey” provides a snapshot of the early months of the pandemic. The brief details results of a survey conducted between March and September that was a collaborative effort between HERC and Connective, a local organization focused on disaster recovery and preparedness.
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Survey of Houston-area families reveals depth of COVID-19 financial pain
During the first months of the COVID-19 pandemic, only a third of Houston-area households with children reported having enough money saved to cover one month of expenses, according to a new research brief from Rice University’s Houston Education Research Consortium (HERC). Photo credit: 123rf.com
Overall, about 37% of households with children had enough money to cover a month of expenses, researchers discovered. Among families earning less than $50,000 per year, only 8% reported a month’s worth of savings. By contrast, 80% of households earning $100,000 or more had at least a month of savings.