OTHER Economic Impacts of COVID

OTHER Economic Impacts of COVID

(FinancialHealth.net) – The COVID-19 pandemic has upended Americans’ lives. Children are out of school, many parents are either working from home or have lost their jobs and financial insecurity is creeping up. A new survey has found the impact of the outbreak is even more far reaching than we could have imagined.

The Ann & Robert H. Lurie Children’s Hospital of Chicago and Monroe Carell Jr. Children’s Hospital at Vanderbilt conducted a 5-day nationwide survey to find out how the changes to reduce the spread of the virus have impacted families. What they found was devastating.

According to parents who responded, the financial and mental strain has been terrible. The results didn’t vary much depending on a person’s education, race, or income.

Here are some of the findings:

  • Fourteen percent of parents said their children’s behavioral health is getting worse.
  • Twenty-seven percent of parents reported their own mental health has deteriorated.
  • From March to June moderate to severe food insecurity has increased from 6% to 8%.

The survey also found 24% of parents have lost their regular childcare. President Donald Trump has repeatedly expressed the importance of reopening schools as a way to get the economy fully reopened. This data seems to support that position.

The financial and mental stress from the pandemic is probably something we will be grappling with for a while. However, the sooner things can get back to normal, the better everyone will feel. The question is: When is that going to happen?

~Here’s to Your Financial Health!

Copyright 2020, FinancialHealth.net