New Jersey residents are feeling concerned about their finances in the wake of the COVID-19 outbreak, according to a recent Kearny Bank Economic Health Survey.
The bank asked, “Given coronavirus-related restrictions and closures, are you concerned about meeting your basic financial needs?”
Of the 513 New Jerseyans who responded, 39.5% said they are concerned, 33.3% said they are not concerned and 27.2% aren’t sure.
“It’s not surprising that in the wake of this outbreak, a majority of people in New Jersey are uncertain about their personal finances,” Craig Montanaro,, CEO and president, Kearny Bank, said. “We’re facing an entirely new situation, with no blueprint for moving forward. But it’s reassuring to know the financial services sector is providing assistance in the midst of this crisis, and will continue doing so during the recovery.”
The youngest and oldest subgroups (18- to 24-year-olds and those 65+) showed a higher lack of concern more frequently than their middle-aged counterparts, 45% and 43% respectively. The other subgroups (25- to 34-year-olds, 34-44, 45-54 and 55-64) all indicated higher bouts of concern than not.
