COVID-19 and Financial Health of Individuals: A Descriptive Study
Published: 2023
Author(s) Name: Priya Mahajan, Manjari Agarwal, Somesh Pathak |
Author(s) Affiliation: School of Management Studies and Commerce, Uttarakhand Open University, Haldwani, Uttarakhand, India
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Abstract
Financial health is a term used to describe the state of one’s personal monetary affairs. In the present study research initiative is undertaken to track the financial health of people during the coronavirus disease (COVID-19) pandemic lockdown period in terms of their sources of income, fear of job losses, saving habits, ability to pay their utility bills, etc. Sample of 81 respondents has been taken from the North India region through a questionnaire via Google form floated just after the lockdown period to different age group, gender and income groups to understand the financial health of people during this critical time of fight against COVID-19. The tests that were undertaken were Mann-Whitney U test and Chi-square test. As the data was not normally distributed, the above test was administered using SPSS. The test result showed that most of the respondents were more conservative in their spending habits and were inclined to spend less than their income and appreciated savings for hard times. The people who saved regularly were very much capable of paying their utilities bills during this hard time also.
Keywords: COVID-19 Pandemic, Financial Health, Saving Habits
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