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Americans feel the Delta variant pinch on their wallets

Americans feel the Delta variant pinch on their wallets
The Delta variant is slowly making its way through the American economy and a lot of workers have already started feeling its presence in their income. This week's Lost Pay/Income Tracker report by the Morning Consult brought to light some concerning figures.

The report shows the increasing financial strain on workers, as of the week ending September 11th, the income/pay loss has increased to 13% which is more than the pandemic numbers of 11.4%. Those affected the most include workers in the hospitality and service industries since these businesses require face-to-face interactions, they are more likely to come under the list of government restrictions. This is in contradiction to the news last week which reported heavy demand for service sector workers especially, now along with the already existing workers pool, the newly hired employees also face the strain. Federal unemployment benefits ending does not help the situation, especially since now gig employees who were previously eligible for benefits will not be considered anymore. 

Having said that, experts believe that we need to get ahead of the curve this time, and the best way to do it is to seek help. Listed below are some certified tips by Winnie Sun, Managing Director of Sun Group Wealth Partners:

  • Most people believe that the best way to deal with income reduction or loss is to cut out small expenses such as Netflix subscriptions, on the contrary, you should minimize huge recurring expenses such as rent. Try moving in with family or loved ones, get a roommate to share the overhead cost.
  •  If your household uses two cars try selling one or renting one.
  • Experts recommend not touching your retirement fund and in fact, try adding to it whenever possible.  
  • Google "Covid Financial Assistance" with your location turned on to get proximal results
  • If you are someone who constantly requires health insurance, collaborate with your primary caregiver to find means of joint coverage.
  • Do not hesitate to contact an accountant or financial advisor for help, they are not only for people with money but also those without. 

Source: CNBC
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