A poll by the Associated Press and the non-partisan and objective research organization at the University of Chicago (NORC) indicates more Americans have increased savings and reduced debt since the onset of the COVID-19 pandemic. The poll indicates 45% of Americans say they are setting aside more money and paying down debt faster than before.
The poll found that since February 2020, the amount of money in checking accounts has risen by $1.3 trillion. During this same time, however, at least 14% said they failed to make a rent or mortgage payment, and 21% were unable to pay at least another type of bill.
Black and Hispanic Americans did not fare as well as whites. The poll found about 50% of Blacks and 40% of Hispanics said they could not pay a bill during this period, compared to about 20% of white Americans.