Wharton Pension Research Council Working Papers


The early impacts of coronavirus pandemic on Americans’ economic security

Document Type

Working Paper

Date of this Version



The coronavirus pandemic has had enormous effects on the U.S. economy due to governmental mandates temporarily closing businesses and schools, and individuals remaining home due to fears of infection. In response, policymakers expanded unemployment benefits and passed legislation providing many people with Economic Impact Payments. As a result, many Americans’ financial stability actually improved early in the pandemic, both in subjective measures, like financial satisfaction, and more objective measures, like financial fragility and savings behavior and balances.


pandemic, financial stability, savings, inequality

Working Paper Number



The project described received funding from the TIAA Institute and the Wharton School’s Pension Research Council/Boettner Center and was also supported by a grant from the U.S. Social Security Administration (SSA), funded as part of the Retirement and Disability Research Consortium.

Copyright/Permission Statement

The findings and conclusions expressed are solely those of the authors and do not represent the views of SSA, any agency of the federal government, the Michigan Retirement and Disability Research Center, or any of the other above-named institutions. We rely in part on data collected by the U.S. Financial Health Pulse project. TIAA Institute is a division of Teachers Insurance and Annuity Association of America (TIAA), New York, NY. . ©2022 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017



Date Posted: 14 February 2022