Overcoming Financial Stress Together During COVID-19

Money and relationships.

- Sujatha Rao

COVID-19 has disrupted our life across all aspects. While people are seriously worried about their physical health, they are equally concerned about their financial health. As the pandemic rages on, all couples - even DINKS (Double Income No Kids) or DISKS (Double Income Singe Kids) - are going through unprecedented stressful times.

The panacea that “Work From Home (WFH)” was once supposed to be, has proven to be a myth with boundaries between working and non-working hours blurring. With the Damocles’ sword of losing one’s job hanging over one’s head, one is terrified even to mildly protest.

While the number of working hours definitely seem to have gone up for the Employees, Employers are forced to cut costs due to their crumbling margins, and this has a huge negative impact on the employees’ perks and allowances. Those working in the organized sector still have some solace of keeping their jobs intact, while it’s a completely different story for those working in the unorganized ones, with businesses themselves shutting shop across many a sector.

The situation in the developed countries doesn’t seem to be any different. In a survey from the National Endowment for Financial Education conducted by Harris Poll, polling more than 2000 adults online during April, 2020 revealed that Coronavirus pandemic is causing nearly 9 in 10 Americans to feel anxious about money.

There is reason to believe that situation in India could even be worse with non availability of the safety nets of social security provisions. However, no matter how bleak the situation may seem, one has to remember that there is always some way out.