Black Americans Say Coronavirus Has Hit Hard Financially, But Impact Varies by Education Level, Age
A new study from Pew Research Center shows the varied impact of the coronavirus on Black Americans and finds that older adults and those who are college educated are faring better than younger Black Americans and those with lower levels of college education. According to the study, nearly half of Black adults say the economic impact of the pandemic will make achieving their financial goals harder in the long term. About one-in-three Black Americans (34 percent) say their personal financial situation is either in excellent or good shape, compared with 53 percent of U.S. adults overall, according to a Pew Research Center survey conducted Jan. 19-24, 2021. Since the pandemic began, about four in ten Black adults (43 percent) under 50 say they have experienced some form of job or wage loss, compared with only 19 percent of Black adults 50 and older. About three in ten Black adults (27 percent) under age 50 reported a cut in pay due to reduced hours or demand for their work, higher than the 10 percent of Black adults 50 and older who took a pay cut. Additionally, around two-in-ten Black adults under 50 have either been laid off or lost a job (22 percent) or been furloughed or temporarily laid off (20 percent), a higher share than among those 50 and older (13 percent and 8 percent, respectively).