Released on August 12, 2020

The pandemic has taken a bite out of financial stability, according to a survey of 1,100 US based people interested in flexible work. It found that 53% of people are currently earning half or less than their pre-pandemic income.

It also found that 44% reported they are currently struggling financially, whereas only 24% were struggling prior to the Covid-19 crisis. In addition, 21% said they were financially secure before Covid-19, but only 10% say the same thing now.

The survey was conducted by FlexJobs in partnership with Prudential. It took place in late June.

“The pandemic exposed the widening gap between the financially secure and insecure in this country — with people of color, women, younger generations, gig workers, and the retail workforce disproportionately impacted,” said Dawn Goldbacher, vice president of business development at Prudential.

Other findings in the survey:

  • Only 30% agreed they had a good plan in place in case they got sick or needed care in the short term.
  • 46% say their emergency savings wouldn’t last them more than three months with 24% saying their savings would not even last one month.
  • 46% of full-time employed respondents said their regular job was temporarily being done from home; 20% were already working remotely.
  • 24% are using remote work to supplement their income.
  • 71% would prefer to work remotely full-time once the pandemic is over; 25% would prefer a combination of remote and office work.
  • 22% are hoping to find a part-time or side gig to earn supplemental income.

Original author: Staffing Industry Analysts (SIA) | Daily News