Over the past week, the number of New Jersey residents concerned over their finances has increased in the wake of the COVID-19 outbreak, according to a Kearny Bank Economic Health Survey.
In the second survey of the series, the bank asked the same question, “Given coronavirus-related restrictions and closures, are you concerned about meeting your basic needs?”
Of the 500 New Jerseyans who responded, compared to the 513 last week, 40.9% said they are concerned, 30.8% said they are not concerned and 28.3% said they aren’t sure. This results in a 2.5% increase in uncertainty, with 69.2% responding either yes or not sure when compared to last week’s 66.7%.
“Now that we’ve experienced another week of the significant changes to normal routine generated by this pandemic, it’s to be expected that feelings of financial uncertainty will edge upward,” Kearny Bank CEO and president Craig Montanaro, said. “We’re all facing an unprecedented situation, and it’s natural for people to worry. At the same time, it’s important to keep in mind that many government and business entities – including the financial services sector – are working to provide assistance to those who may be struggling.”
The youngest and oldest of the six age-based subgroups (18- to 24-year-olds and those 65+) indicated more lack of concern, 24.1% and 37.2%, respectively, when compared to the first survey, 45% and 43%.
Concerns rose among women by 4.3% to 44.3% from the first survey to the second, while the percentage of men who expressed concerned was down by 1.8% to 37.1%.
The survey will continue weekly while coronavirus pandemic continues.