The early impacts of coronavirus pandemic on Americans’ economic security

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.