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Twenty-six percent of respondents reported that they had withdrawn money from their retirement or savings accounts during the pandemic.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.
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“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.