The financial impact of the COVID-19 pandemic was particularly pronounced for those who suffered a job loss. According to EBRI's Retirement Confidence Survey during the pandemic four in 10 workers who experienced income or job loss, said they could not handle a sudden emergency expense. Those same workers were more likely to call their debt level a major problem. Indeed, more than seven in ten in this group felt debt was negatively impacting their ability to save for emergencies six in ten said it hurt their ability to save for retirement. In this episode EBRI CEO Lori Lucas speaks with Billy Hensley, Ph.D., President and CEO of the National Endowment for Financial Education about why financial literacy matters in an economic crisis.
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By Employee Benefit Research InstituteThe financial impact of the COVID-19 pandemic was particularly pronounced for those who suffered a job loss. According to EBRI's Retirement Confidence Survey during the pandemic four in 10 workers who experienced income or job loss, said they could not handle a sudden emergency expense. Those same workers were more likely to call their debt level a major problem. Indeed, more than seven in ten in this group felt debt was negatively impacting their ability to save for emergencies six in ten said it hurt their ability to save for retirement. In this episode EBRI CEO Lori Lucas speaks with Billy Hensley, Ph.D., President and CEO of the National Endowment for Financial Education about why financial literacy matters in an economic crisis.