The COVID-19 pandemic has introduced uncertainty and anxiety in our daily lives. If you have anxiety over the effect of COVID-19 on your personal finances, know that you are not alone.
51% of Americans feel at least somewhat anxious about their financial situation following the coronavirus outbreak.
Here are a few examples of financial concerns that people are experiencing as a result of the pandemic:
- Job loss
- Fewer work hours or reduced pay
- Inability to meet financial obligations or essential needs
- Reduced savings contributions
- Leaving the workforce to care for children or relatives
- Needing to take on more debt
- Lack of emergency savings
Did you know... studies have shown that financial stress is often associated with an increase in family conflict or stress
Help is available
Although the pandemic has introduced many obstacles, it has not eliminated our ability to support one another.
Research Your Available Resources
Research government assistance programs or relief packages that you may qualify for.
Call Your Credit Union
Alert your financial institution to any financial emergency you are experiencing. Your credit union can connect you with a financial advisor or provide you with access to additional resources you may not be aware of.
Reach Out For Support
Recovering from a financial emergency can be a long and complex process. You do not have to be alone in your struggle—seek out organizations that offer appropriate counseling and/or join a support group online.
Sources: CNBC, Journal of Family and Economic Issues, SimplyWise, TIME
Start Your Emergency Savings Fund
With an emergency savings account, you can cover costs you didn't expect to have. Pay for car maintenance, medical bills, home repairs, and other unexpected expenses. Stop by a branch to open your Emergency Savings Fund today.
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