How Did the Pandemic Affect Household Balance Sheets?


The brief’s key findings are:

  • The COVID recession brought the economy to a halt, but households got robust government support and asset markets soared during 2020-2021.
  • Overall, balance sheets showed some improvements during this period:
    • high-wealth households saw rapid asset growth from the booming markets; and
    • those in the middle got market gains and a boost from government stimulus checks.
  • Low-wealth households broke even as the stimulus offset earnings losses, much better than in the Great Recession when they came out way behind.

The CRR wants to hear from our website users like you. Would be you willing to take a short survey?

Yes, take me to it.       No, thanks.      Not now, but ask me later.