Coronavirus Drained Black, Latino, and Native Americans' Savings Way More Than White People's
September 17, 2020
More than 40% of Black, Latino, and Native American households reported in a new poll that they ran through their savings to get by during the COVID-19 pandemic. The numbers underscore a dire economic reality that might exacerbate the country’s stark racial wealth disparities.
An NPR/Robert Wood Johnson Foundation/Harvard T.H. Chan School of Public Health poll released Wednesday revealed that 46% of Latino households had reported using up all or most of their savings at some point during the pandemic, while 41% of Black and Native American households said the same. Twenty-five percent of white households admitted they’d drained or nearly drained their savings.
Questions about paying off debt, struggles to pay rent or mortgage bills, serious problems affording food, trouble buying medical care, and more yielded similar results: Black, Native American, and Latino households fared worse than their white counterparts.