Fifty-one percent of American adults consider the coronavirus pandemic economy worse than the 2008 recession, according to findings of a new survey from Edelman Financial Engines.
Twenty-six percent of respondents reported that they had withdrawn money from their retirement or savings accounts during the pandemic. Of those, 39% gave money to help a family member or friend in need, and 51% had paid their own bills.
It will take nearly six years to replenish their savings, on average, those who withdrew money said.
“Months into the pandemic, it’s clear that Americans are still struggling with the financial impact,” Ric Edelman, founder of Edelman Financial Engines, said in a statement. “It is likely that Americans will continue to struggle for some time.”
OnePoll conducted the online survey between Aug. 27 and Sept. 1 among 2,000 U.S. adults, ages 40 to 65, with an annual household income of more than $100,000.