Many jobless Americans are struggling with diminished savings, unpaid bills, and worries over homelessness, according to a new study from Varo Money.
Not long after Tommy Leak moved cross-country to Vista, California, to start as a music industry talent scout, he lost what he called the “break” of his career because of the coronavirus pandemic. “I was shocked,” Leak told Yahoo Money. “When I heard I was getting laid off, my first thought was, well, I have an apartment lease.”
‘Don’t have any backstop’One in 4 renters who lost a job or income due to the COVID-19 outbreak worry they could become homeless, while 1 in 7 homeowners with a mortgage said the same, the survey of 1,234 lower and middle-class Americans earning up to $75,000 found. ‘Start getting the resume ready’ Varo found that 43% of the survey respondents have already lost their job or had reduced wages because of the economic fallout from the pandemic. Another 36% expect a decrease in income the coming weeks.
Of those who report less income or lost job, almost 6 in 10 are renters, while 3 in 10 are homeowners.Many are also on the financial edge. One in 6 said they don’t have enough money to cover basic expenses like rent or food, while 2 in 6 said those are the only expenses they can cover.
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