Financially Recovering from Job Loss

Many Americans have spent the last several months getting back into the workforce after being laid off due to the COVID-19 pandemic. Recovering from the financial fallout can bring turmoil, but there are also silver linings. American workers became familiar with stories of job loss and salary cuts as the pandemic ravaged through 2020. According to Charles Schwab’s 2020 Modern Wealth Survey , 25 percent of Americans said either they or a family member have been furloughed or laid off during the pandemic. Another 30 percent of respondents said they or a family member have experienced a salary cut or reduced work hours. Unfortunately, in many cases, these COVID hardships are stacked on top of existing financial woes for U.S. consumers. Even before the pandemic hit, a majority of Americans, or 59 percent, were living paycheck to paycheck, according to Charles Schwab’s 2019 Modern Wealth Survey. On top of that, the 2020 Modern Wealth survey found that Americans are nearly 15% more fi