New Data Reveals How Americans Were in Bad Shape Before the COVID-19 Crisis

Millions of Americans have seen their finances take a turn for the worse due to COVID-19. And with unemployment levels reaching record highs, it's easy to see why so many people are in a tough spot right now.

But let's not forget that a large number of Americans were doing poorly, financially speaking, before the pandemic took hold. In fact, before the crisis, one-third of Americans could only miss three paychecks before needing to borrow money or skip paying bills, according to Northwestern Mutual's 2020 Planning & Progress Study. And before COVID-19, 71% of Americans felt that their financial planning needed improvement.

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