A Pew Charitable Trusts survey of nontraditional workers taken from June 4 to July 1, 2020, the peak of COVID-19’s economic impact, found that 44.3% of respondents had experienced COVID-19-related reductions to job hours or lost their jobs.
In addition, 10.5% had tapped retirement savings—making a withdrawal from a workplace defined contribution plan or IRA—between March and June 2020.
Pew reported that the survey underscores the need for policies to help nontraditional workers, and all workers, shore up their finances with savings that can be used in emergencies.
Among the respondents who said that their jobs had been affected by the pandemic, 40% reported working fewer hours in at least one job and 4.3% lost one or more jobs.
By contrast, 15.8% said they were working more hours than before the pandemic. Only a quarter of nontraditional workers (25.6%) said they were working the same hours as before the pandemic. Additionally, 43.3% of survey participants said they had begun teleworking or working from home since the pandemic.
To see the full Pew Charitable Trusts survey, click here.