Our ongoing research on the financial effects of COVID-19 demonstrated that people were increasingly borrowing from family and friends as their financial pictures worsened during the pandemic. “What's unique about this financial crisis is its cause–a virus beyond any individual's control,” Commonwealth's Melissa Gopnik told the New York Times.

But this moment of collective empathy also opens an opportunity and obligation for institutions to act. “It appears to be bringing people around to the idea that everyone has a role to play in people's financial challenges, including the government, employers and financial institutions.”