The Financial Impact of the Coronavirus

The stats are rolling in showing just who and what has been affected monetarily by the spread of COVID-19.

There's no denying that the coronavirus pandemic has had a disastrous impact on the economy, not only stateside, but around the world. Massive layoffs have resulted in people sprinting to their computers to apply for unemployment. In South Jersey alone, the casino industry is now essentially at a stand-still for the foreseeable future.

A new survey by Lending Tree reveals that 63% of people have had their finances impacted by the coronavirus. 85% of people are worried that there may be more financial ruin to come.More specifically, 27% of people lost money in the stock market and 21% of people are spending more money than they can afford on various supplies out of fear of the unknown.

People are also worried about their ability to pay rent or their mortgage amid the coronavirus outbreak. 44% of all Americans paying either are nervous because they're not sure whether or not they'll have a consistent flow of income.

If talking about credit card bills, more than a quarter of the country is worried about that. 23%, to be exact.

The best way to curb your financial anxiety during this time is to embrace what is and try not to take any unnecessary risks. Don't spend too much at the grocery store. Set yourself a firm budget and stick to it.

Hopefully, when this all blows over, everything will go back to normal.

Source: LendingTree.com