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The COVID-19 Pandemic and Family Economic Well-being: Evidence from the Survey of Consumer Finances

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Abstract

The COVID-19 pandemic caused severe disruptions to the U.S. labor market and economic activity. We establish connections between family experiences of the pandemic, their income under normal conditions, and their later economic well-being using the 2022 Survey of Consumer Finances. By their interview, one-third of families experienced net employment declines, one-third had teleworked, and one-fifth had significant COVID-19-related health events. These experiences strongly reflected families’ positions in the income distribution, with lower-income families bearing the brunt. They also tightly predict income and wealth after the initial disruptions, signifying that the pandemic economy likely amplified pre-pandemic differences and fostered new divides.

Suggested Citation

  • Sarena Goodman & Alice Henriques Volz & Gina Li & Kevin B. Moore, 2024. "The COVID-19 Pandemic and Family Economic Well-being: Evidence from the Survey of Consumer Finances," Finance and Economics Discussion Series 2024-068, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfe:2024-68
    DOI: 10.17016/FEDS.2024.068
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    Keywords

    COVID-19; Survey of Consumer Finances; Family economic well-being;
    All these keywords.

    JEL classification:

    • G50 - Financial Economics - - Household Finance - - - General
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution

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