Economy, Capital One

Capital One study shows the varying financial situations of Americans

The economic recovery is still K-shaped and it's especially bad for student-loan borrowers and parents

9/28/2021 10:31:00 PM

The economic recovery is still K-shaped and it's especially bad for student-loan borrowers and parents

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Student loans have exacerbated financial problems. Even though payments on student debt havebeen on pauseduring the pandemic, the report found that since the pandemic began, 28% of middle earners with student loans were more worried about paying off their debt — up six percentage points from April 2020. And even more higher earners are stressed about student debt than in an earlier wave of the survey, with 23% of those with student loans worried about making payments. That's eight percentage points higher than the results from April 2020.

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Childcare issues are still a problem for some working families, particularly lower earnersSome people stopped working because ofchildcare-related reasonsduring the pandemic, such as when many schools closed and moved to virtual learning and daycare centers closed. In fact, 863,000 women left the labor force in September 2020. Although many children are back in the classroom this September, working parents are still making tough calls about their job.

"When it comes to employment, 40% of lower earners in dual-earning households reported that at least one person had lost their job or had to leave their job. That's three times the rate of higher earners," Donnell told Insider, where the share for higher earners was 14%."We believe some of the impact there comes from childcare."

Donnell saidchildcarehas especially been an issue for lower earners and women. For instance, 50% of lower earners, 30% of middle earners, and 18% of higher earners in August cut"back hours or had stopped working altogether because they had children at home and presumably lacked outside child care."

With the pandemic still in effect, there's no estimate on when financial challenges will be lifted and even though, as the report found, stimulus payments helped 46% of lower earners keep up with their payments in April 2021, lawmakers have yet to say if a

fourth stimulus checkis on the horizon. "Lower earners seem to have struggled the most. Perhaps that's not a surprising conclusion to draw, but some of the data points that sit behind it I think really do kind of paint a picture of what's happened over the course of the pandemic," Donnell said."They have been much more reliant on stimulus and other government assistance."

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Simplee...don't borrow more than you can pay back. So, that means, if you aren't rich, going to college for the 'college experience' is out. this is terrible news

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