Unpaid and Unprotected: How the Lack of Paid Leave for Medical and Caregiving Purposes Impacts Financial Health
Paid leave for medical and caregiving purposes can help workers cope in challenging times.
From April 1 to June 30, 2021, Americans balanced saving and new spending opportunities, with minimal changes in earned income.
Liquid account balances trended downward over the period of April 1 – June 30, 2021. This was likely due to individuals spending down high balances, which were caused by stimulus payments and tax refunds. Balances in accounts owned by Financially Healthy individuals continued to be higher than those in accounts owned by Financially Coping or Financially Vulnerable individuals. In addition, those with household incomes above $100,000 had consistently higher balances than those with lower incomes.
Key Finding: Low- to moderate-income (LMI) frontline workers are less likely to be Financially Healthy than non-frontline LMI workers.
Recent research from the Financial Health Network published by the Brookings Institution also shows that most people who had not recently filed a tax return (a group that is more likely to have lower incomes) received their first stimulus payment at least two weeks later than those who had recently filed a tax return.
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The Pulse also analyzes transactional and account data that USC’s panelists agree to share through a secure data platform that leverages Plaid’s API.
The Financial Health Pulse uses ongoing surveys and transaction data to provide regular updates and actionable insights about financial health in America.
New Pulse Data Shows Stimulus Payments Jump Started Spending But Funds Slowest to Reach Low-Income Individuals
Chicago, IL, May 20, 2021 (GLOBE NEWSWIRE) — The Financial Health Network, the nation’s authority on financial health, with support from the Citi Foundation, today released its first Financial Health Pulse Points brief featuring transactional data that highlights the effects of the two federal stimulus payments and tax refunds issued in early 2021 on account […]
The Financial Health Network is collaborating with USC’s Dornsife Center for Economic and Social Research to field Pulse surveys to their online panel, the Understanding America Study.
One year into the COVID-19 global pandemic, new data from the U.S. Financial Health Pulse shows that Black and Latinx communities are continuing to disproportionately struggle amidst the ongoing public health crisis, and that financial health disparities appear to be widening by race and ethnicity as a result of the ongoing pandemic. Read Article >>