COVID-19-induced financial anxiety and state of the subjective well-being among the Bangladeshi middle class : the effects of demographic conditions

• In poverty-stricken countries, the middle or working-class usually falls out of focus in fiscal policy discussions, especially during crisis situations, such as the COVID-19 pandemic, in which governments seek to keep trade moving through grants and subsidies and work to sustain the poor. The current research aims to determine if the pandemic has had an impact on the subjective well-being (SWB) and financial anxiety (FAS)  for a middle-class Bangladeshi sample, according to four critical demographic factors: gender, income, residency (capital or outside the capital), and job security. At the height of the pandemic (July 14–24, 2020), 129 respondents completed a self-reported survey questionnaire. The results indicate that although people appear to be happy in general, they are worried about their relationships. Women score lower on total well-being than men, as do those with household incomes below the average. People living outside the capital score marginally higher; people with well-secured jobs denote their higher well-being too. Furthermore, the FAS results indicate higher levels of anxiety among people with lower incomes and unsecured jobs. Therefore, the COVID-19 experience might inform future fiscal policies, including potential efforts to introduce universal job security insurance and financial counseling to employees after the pandemic. 

Subject headings

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Företagsekonomi (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Business Administration (hsv//eng)

Keyword

FAS

financial anxiety

BBC-SWB

financial policy

financial therapy

wellbeing counselling

middle class

Bangladesh

Knowledge and Innovation Management (KIM)

Knowledge and Innovation Management (KIM)

Publication and Content Type

ref (subject category)

art (subject category)