Financial Anxiety during COVID-19: How do Parents with Young Children Cope with the Crisis?

Abstract

Given the uncertainty surrounding the duration and impact of COVID-19, there is clear evidence that suggests an increase in anxiety symptoms in the U.S. and around the world is perhaps unsurprising (Fitzpatrick et al., 2020; Marchetti et al., 2020). This study examines the financial anxiety of young parents with children between the ages of 3 to 8 years old during the COVID-19 global pandemic. More specifically, the authors examined predictors of financial anxiety, including parental-, child-, financial-, COVID-, and general mental health- factors using hierarchical regression with data collected during the pandemic from 376 parents. Results indicated that parental factors, financial adjustment, COVID-19 factors, stimulus checks, and general anxiety contributed significantly to impacts on financial anxiety.