To better understand what role institutions currently play in low- to moderate-income (LMI) households’ financial lives—and what role they would like them to play—we surveyed the households participating in our study on their perceptions of government, employers, financial institutions, and credit card companies. We found that respondents perceived an institution’s helpfulness based on the type of assistance provided during the crisis and the institution’s relevance to households’ current financial lives. The range of mixed responses we received underscores the often-complex relationships LMI households have with these institutions.

Ultimately, our analysis points to major opportunities for all of these institutions to improve their support of LMI households during the pandemic. As households struggle to navigate the unknown going into the end of 2020, and are left with fewer viable financial coping strategies, the support of institutions will be more critical than ever.

Download this brief to learn more about our findings.