Not only was COVID-19 devastating in 2020, but it is also having an impact on people's finances to this day. The question people ask is, "Is the pandemic causing stress in their lives and with their finances?"
No doubt about it, people are experiencing mental health issues as a result of the debt they have. The more debt, the more anxiety, stress, and depression people are experiencing.
Financial education will play a critical role in the U.S economy turning around as the pandemic abates. A pivot continues to take place within our community of financial educators and advocates to keep services available to teachers and learners, as well as develop plans to respond to the millions who will need financial education as they work toward recovery.
The pandemic continues causing stress for people and their personal finances. More than half (54%) of people say they’re worried about not having enough money saved, while almost half (48%) are worried about their ability to pay bills.
Financial education alone is not enough to foresee economic challenges or remedy a financial crisis. Leveraging the coronavirus outbreak to demonstrate the ineffectiveness of financial education and blaming the individual for not having emergency savings or financial resources to get through this is irresponsible. Continue discovering as much as possible so you become financially literate and over time everything will work in your favor.
Learn about Paul Lawrence Vann's digital Financial Fitness course, it is being offered at a 50% discount throughout the month of April, National Financial Literacy Month, here is the link: https://bit.ly/3dbperG