How Americans Handled The Year of Financial Crisis

Stressed and Worried Senior Woman Calculating Domestic Expenses, Sitting at Dining Table in Front of Open Laptop Computer.
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Americans have faced a number of financial pressures during the COVID-19 pandemic, including job loss or reduction in household income, increased expenses from working and educating kids at home, medical bills for those who have been affected directly by the coronavirus, and for small business owners, the challenges of staying open amid lockdown restrictions and reduced household spending in many categories.

Here’s a look at how Americans have been coping in this moment of financial crisis.

How Americans Have Adapted Their Saving, Spending and Investing Behaviors

For some Americans without an emergency fund, the pandemic has been a wake-up call about the importance of saving money. Those with the means might have focused on saving more this year, with spending down in categories like travel and entertainment. And some people who never invested before started their hand at entering the stock market. Here’s a look at how Americans adjusted their finances amid these additional pressures — and opportunities.

Building Wealth

How Businesses Have Coped

While hundreds of thousands of small businesses closed their doors for good amid the pandemic, others — like Amazon, Target, Zoom and Instacart — saw astronomical growth. Here’s how businesses big and small have been dealing with the challenging financial climate.

How the Economy Has Reacted

After years of growth, the U.S. GDP contracted by over 30% in the second quarter of 2020. Here’s a look at exactly what happened to the economy and where it stands now.

More from GOBankingRates

About the Author

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and People.com. Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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