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Savings and assets play an important role in shaping the financial security of individuals and families. Accumulation of sufficient assets can help households manage their day-to-day expenses, cope with financial emergencies, make long-term investments like higher education and homeownership, and can ultimately facilitate intergenerational economic mobility. One way to help families build long-term assets is by offering Child Development Accounts (CDAs).
On January 20, 2020, the United States reported its first confirmed case of COVID-19. By March 13, New York City had declared a state of emergency. To better understand the influence of COVID-19 on American household finances, the Social Policy Institute at Washington University in St. Louis conducted a nationally representative survey with approximately 5,500 respondents in all 50 states from April 27 to May 12, 2020.
Thirty-nine percent of U.S. adults reported lacking sufficient liquidity to cover even a modest $400 emergency without borrowing or selling an asset, and 60 percent reported experiencing a financial shock (e.g., loss of income or car repair) in the prior year. While facing precarious financial situations may leave households unable to manage essential expenses and plan for the future, the research also suggests that U.S. households report feeling optimistic about their finances.
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