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Designing A Plan to Manage Your Money Through Stressful Times


Designing A Plan to Manage Your Money Through Stressful Times
Most Americans have felt the devastating financial
impact of the COVID-19 pandemic, which wiped out three years’ worth of financial gains in only three months. As such, African Americans have been hit hardest by its severe blows.
According to Prudential’s 2020 Financial Wellness Census, a staggering 56% of African Americans are concerned about their financial future – and with good reason. Some 22% of African Americans have witnessed their household income drop by half or more versus 17% of Americans in general. Moreover, the unemployment rate for African Americans has swelled from 7% in December 2019, nearly its lowest level since national records began in 1972, to 11% in October – the highest rate among all ethnic groups. And the median household income slid from $55,000 to $45,000 compared to the median figure for the general population of $75,000. ....

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