COVID-19 and the related lockdowns have had mixed effects on people’s financial well-being. For some, spending constraints and assistance payments, combined with debt forbearance and a surging labor market, had positive effects. Other workers dropped out of the labor force and may face challenges as benefits and forbearance periods end and savings are spent down. There has not been a spike in applications for disability since the pandemic began, although health issues might have impeded more people from being able to work. On the other hand, tight labor markets and employers willing to accommodate special needs may reduce the impact of the pandemic for people who are on the edge between disability and work. This study will use recent data from the Survey of Household Economics and Decisionmaking, the National Financial Capability Study, and the Census Pulse surveys to better understand changes in health, labor market status, and financial wellbeing over the pandemic.
WI22-Q1: Health, Disability and Financial Well-Being during the Pandemic