Despite various government relief programs, the coronavirus crisis has already affected the finances of many Americans. Over the past eight weeks, more than one in four individuals filed for unemployment.
Though unemployment benefits are expanded under the CARES Act, enhanced benefits are scheduled to end on July 31, 2020. Additionally, though many businesses say they will rehire workers as the virus becomes contained, University of Chicago economists have theorized that more than 40% of recent layoffs will result in permanent job loss.
Beyond unemployed workers, Americans who are still working may face financial pressure as well. According to a National Endowment for Financial Education (NEFE) April 2020 survey, nearly nine in 10 Americans say the COVID-19 crisis is causing stress on their personal finances.
Like the spread of the virus, financial shocks have been felt more in some places than others. In this study, SmartAsset looked at the states where residents have been financially hurting the most during COVID-19.
We compared the 50 U.S. states across six metrics. They include recent measures of unemployment along with measures of housing and food insecurity. For details on our data sources and how we put all the information together to create our final rankings, check out the data and methodology section next.