Despite efforts from the U.S government to provide comprehensive financial and economic support for those affected by COVID-19, the pandemic has disproportionately impacted the financial capability of different racial/ethnic groups in the US. As the diversity of racial/ethnic groups in the United States has been increased, researchers have identified the heterogeneity within racial/ethnic groups extended from the simple comparison with White households. However, most studies of racial/ethnic differences in financial behavior still have focused on differences between White and Black and/or Hispanic individuals. Using merged data from the 2021 state-by-state National Financial Capability Study and AAPI oversample survey data of the National Financial Capability Study (NFCS), we investigated the association between major US racial/ethnic groups and financial fragility after controlling for various sociodemographic factors. In addition, we tested the association of COVID-19 variables (health, labor shock) and financial knowledge (objective, subjective) with financial fragility. We also repeated the analyses within the sample of AAPI respondents to examine heterogeneity within the AAPI population. This study provides insights into how the economic well-being of US households has been influenced during the COVID-19 pandemic, especially for those who identify as AAPI.

Accepted Oral Presentation