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Coronavirus Pandemic Raises Widespread Worry About Personal Finances, Survey Shows

Coronavirus Pandemic Raises Widespread Worry About Personal Finances, Survey Shows

In a survey conducted between March 23rd and 27th, 2020, the National Financial Educators Council surveyed 4,803 people to better understand the connection between the coronavirus outbreak and personal finances.

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The goal of asking these survey questions was to measure people’s readiness for an emergency event, the impact of the coronavirus on people’s finances, and the concerns people have based on the outbreak. Following are some data our team found interesting:

  • The coronavirus has had a “Very Negative Impact” on people’s financial situations and respondents reported being “Very Concerned” about the financial impact of the outbreak over the next 3 months.
  • People are almost equally concerned about contracting the coronavirus as they are about their personal finances.
  • About the same percentage felt “Very Unprepared” as those who felt “Very Prepared” for the personal financial impact of the coronavirus crisis.

See full data and all survey results at:  https://www.financialeducatorscouncil.org/coronavirus-and-personal-finance-data/.

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Questions from the survey include:

When asked, “Select your bigger concern now:” 58.8% of respondents selected “Contracting the COVID-19 virus” while 41.2% selected “Personal finance concerns.”

To the question, “How concerned are you that the COVID-19 virus will have negative impact on your personal financial situation over the next 3 months?” 70.8% of the respondents answered “Somewhat Concerned” or “Very Concerned.”

When asked, “What impact has the COVID-19 outbreak had on your personal finances?” 30.9% answered “Somewhat Negative Impact” while 27.3% answered “Very Negative Impact.”

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