Researchers have found an independent association between COVID-19-related income loss and financial strain and depression, according to the latest study from the COVID-19 Resilience Project, run by the Lifespan Brain Institute (LiBI) of Children’s Hospital of Philadelphia (CHOP) and Penn Medicine. This association was found in two separate cohorts – one primarily in the United States and one in Israel – and the depressive symptoms worsened over time in participants who were hit financially, above and beyond pandemic-related anxiety. The findings were published today in the Journal of Affective Disorders.
A substantial number of adults in the United States between the ages of 21 and 62 felt anxiety and stress about their personal finances well before the onset of the COVID-19 pandemic, according to a new report published today by the Global Financial Literacy Excellence Center at the George Washington University.
Students whose families talked openly about money reported feeling less stress and higher optimism when it came to money management and their future finances.