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Editor s note:Read the latest on how the coronavirus is rattling the markets and what investors can do to navigate it.
The coronavirus pandemic has both deeply altered our lives and become oddly routine. Numerous researchers from varying backgrounds have examined how it has shaped American households’ finances, providing empirical detail to what we’ve collectively experienced: Ashraf (2020) explored gyrations in the markets, Baek and others (2020) and Farrell and others (2020) studied broad unemployment and changes in the work habits of those employed, and Baker and others (2020) analyzed sharp decreases in many forms of spending.
But when it comes to why different groups fared poorly or well during the pandemic, the picture isn’t clear yet. To better quantify how the pandemic affected Americans’ household finances, we embarked on a joint research study with The Aspen Institute’s Financial Security Program, NORC at the University of Chicago, and the Define
The Devastating Effects of Climate Change on US Housing Security
Key Points
Natural disasters are becoming more frequent and intense as climate change has increasingly impacted the planet. One major consequence for people across will be increased housing instability and with it, financial insecurity
The long legacy of racism in housing worsens climate change impacts for households of color
As climate change disasters increase, American’s financial security, particularly housing stability, will be threatened.
Climate-related disasters – floods, storms, droughts, and heat waves – have been on the rise and are demanding urgent attention. With 30 named storms, 2020 was the most active hurricane season on record. Wildfires also increased in 2020, forcing 100,000 people from their homes, and burning over 5 million acres in Washington, Oregon, and California. The total cost of natural disaster damages was nearing $50 billion in September 2020, already surpassing the total cost fo
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It’s a minor miracle that anyone can live in San Francisco on a $900 a month Social Security check, but Freddie Persons – a 75-year-old retiree – has survived times with his belt far tighter.
Until recently, the government automatically garnished $300 from his monthly check. When he worked as a janitor for 36 years at Bayview Plaza mall, they took nearly twice that, he said.
OVERCHARGED takes an inside look at how unfair fines and fees criminalize poverty in California. The series tells the stories of people reeling from this approach of raising revenue and the activists fighting for reform.
“Everything is hard when they take that money when you’re already poor to begin with,” Persons said.
The Future of Financial Security Policy Is the History of Black Women’s Leadership
Yesterday, Thursday, March 11, President Biden signed into law the American Rescue Plan, $1.9 trillion spending package aimed at shoring up the damage inflicted to the economy and family balance sheets by the COVID-19 pandemic. Among the provisions is a third round of direct cash payments to households, as well as a significant expansion of the Child Tax Credit increased from $2,000 per child under 16 to $3,000 for per child under 17 and $3,600 per child under 6 to be administered “periodically” to better align with real-time expenses parents incur. Researchers at Columbia University estimate that the CTC expansion alone has the potential to cut child poverty in half.
Better Technology, Better Retirement Savings: Exploring the Digital Tools that Improve User Experience
Today, 23 million people who have access to workplace retirement savings programs do not use them – and millions more who do save are not saving enough for long-term financial security. One opportunity for improving saver outcomes lies in exploring the latest insights about the potential for – and risks of new digital tools and behavioral approaches. Design, automation, and other digital technologies can make a difference in getting more people to save more money. This event will explore how.
Join the Aspen Institute Financial Security Program and the Future of Work Initiative for a virtual discussion for people working in the retirement savings industry including plan sponsors, providers, and workplace benefits exploring: