Individuals’ Financial Health During The Covid-19 Pandemic

Abstract

This study aims to explore individuals’ financial health during the COVID-19 outbreak. The data were collected through an online survey between May 26 and June 15, 2020. The sample of the study consisted of 1333 participants (58.7% women; 41.3% men). The results showed that participants’ average financial health scores were (M = 60.4) under the category of financially coping. The average score in save indicator is 49 which indicates that participants did not have satisfactory savings for affording to cover unexpected expense during this tough time. The average score in the plan or budget indicator is 46, which is the prime reason with saving indicator for getting financial health score in “financially coping” category. This study concluded that financial ignorance, financial anxiety, financial security, financial crisis, age, income, perceived income and education were significantly related to financial health.