Pandemic Widens Wealth Gap as Poorest Lose Savings and Richest Gain
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Since COVID-19 began, 80% of U.S. households have less savings and liquid assets than before the pandemic.
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The wealthiest 20% of households still have 8% more cash than pre-pandemic, while the poorest 40% have 8% less.
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Excess pandemic savings are nearly depleted, concerning some economists about recession risk.
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Overall U.S. household net worth hit a record high, but gains concentrate among the wealthy.
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To maintain stability, people should budget, reduce debt, diversify income, and learn about finances and investing.