Ep. 387 | Why Some People's Finances Improved During COVID - Scott Fulford, Author & Economist

I'm back with Season 18 of the More Money Podcast which I'll now be sharing all new episodes on this channel!
I think it's finally not "too soon" to talk about the pandemic and what the heck happened (right?). That's why I invited Scott Fulford on the show, a senior economist at the Consumer Financial Protection Bureau and the author of the newly released book The Pandemic Paradox: How the COVID Crisis Made Americans More Financially Secure. I know, that sounds a bit odd, doesn't it? How could people have become more financially secure when all the news headlines talked about were layoffs and people struggling to pay their bills? Well, as Scott discovered in his research and interviews with Americans across the country, although many people did have a tough time riding out the COVID wave, the majority actually thrived financially. But why was this? That's what you'll learn by listening to the full episode.
This episode of the More Money Podcast is presented by The Globe and Mail. Visit tgam.ca/jessica to get unrestricted access to The Globe and Mail for only $1.99/week for 52 weeks (plus tax).
🤔 TAKEAWAYS
• Having a financial cushion is crucial for individuals to absorb economic shocks and avoid long-term negative outcomes.
• The shift to remote work during the pandemic opened up new possibilities for work and highlighted the need for better work-life balance.
• Policies such as universal basic income and improved unemployment systems can help mitigate the impact of economic crises and provide stability for individuals and families.
• The pandemic exposed wealth disparities and the importance of essential workers, raising questions about fair compensation and support for those in low-income positions.
• The future outlook is uncertain, with the need for stabilization and potential challenges in areas such as housing costs and inflation. People quickly adapted to COVID restrictions but reverted to old behaviours once the restrictions were lifted.
• Revenge spending and vacations became popular as people sought to make up for missed opportunities during the pandemic.
• Even high-income individuals faced financial challenges and lacked sufficient financial buffers.
• Building a financial cushion is crucial for financial security.
• Lessons from the pandemic include the importance of preparation and having emergency funds.
• The book The Pandemic Paradox by Scott Fulford explores how the COVID crisis made Americans more financially secure.
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