Infographic: US Households See Long Recovery Ahead From Income Losses

A survey by Bankrate and YouGov has shown that almost half of U.S. households have suffered a decline in income due to the coronavirus pandemic. Only 49% of respondents in the late-June survey said that their household income had not been negatively affected, while 6% declined to answer.

The most common ways in which household incomes diminished were lay-offs and furloughs, experienced by 20% of all respondents’ households. Some 19% said they or someone in their household were forced to work reduced hours, while 10% said the same about experiencing a pay cut. Twelve percent of households had a member not able to run their business as usual.

Recovery from these income losses seemed far away, according to the respondents. Nineteen percent of those negatively affected said it would take a year or more for them to bounce back, while another 18% thought that it would take between 6 months and a year. 4% said that they would never financially recover from this.