The COVID-19 Pandemic Takes a Toll on the Nation’s Financial and Mental Health
The pandemic’s effects had lasting effects on personal finances as the U.S. economy careened into a major slump. In October, Freedom Debt Relief launched an online survey of more than 2,000 U.S. adults measuring feelings related to personal finances and financial security.
The survey found 73% of adults in the U.S. say the COVID-19 pandemic is moderately or highly affecting their current financial situation, with 40% of Americans indicating they feel poorly or very poorly about their current financial security.
Americans saw their incomes whittled down or even saw their jobs disappear in 2020. Close to a third of Americans (32%) report a taking a job that pays less or experiencing a reduction in pay/work hours during the pandemic. Additionally, 23% say they lost their job or experienced layoffs/furloughs in 2020. Despite shrinking incomes, household expenses such as groceries and utilities continue to roll on through.
As Americans’ health and finances come under attack from the COVID-19 pandemic, many (46%) report feeling overwhelmed about their financial situation. “The ongoing pandemic is hitting American’s emotional and mental health as well as its physical health and finances,” said Michael Micheletti, Director of Corporate Communications at Freedom Financial Network. Forty-six percent of Americans say the pandemic has led them to seek or consider seeking help with anxiety or depression.
Findings from the recent study appeared on websites such as ValuePenguin and KCIM, a regional broadcast outlet.
Freedom Financial Network’s brands has kept tabs on the financial downturn since the early months of 2020. Beginning in March, Freedom Debt Relief launched a series of nationwide surveys measuring how the COVID-19 pandemic affected Americans’ personal finances. The surveys also measured how Americans felt about the current American economy during the period of widespread economic challenges. The initial survey consisted of 2,335 American adults throughout the United States as well as a two subsequent pulse surveys in April.
Findings from the survey conducted in March and April appeared on popular, national new sites such as Yahoo Finance, USA Today, Motley Fool, Investopedia.
Findings also appeared in trade publications covering industry-related news stories such as CPA Practice Advisor, DSNEWS, and the mortgage banking publication — M Report. The San Mateo, CA based company even gained coverage in local news publications as far away as Michigan (Detroit Free Press).
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