Majority of NJ residents feeling level of financial uncertainty during coronavirus outbreakMarch 20, 2020
Most New Jersey residents are feeling a degree of financial uncertainty related to the barrage of closures caused by the coronavirus outbreak. That’s the finding of the initial Kearny Bank Economic Health Survey, which was fielded online from Tuesday, March 17 through Thursday, March 19.
The specific question posed was, “Given coronavirus-related restrictions and closures, are you concerned about meeting your basic financial needs?” Of the 513 New Jerseyites who responded, 39.4 percent said, “yes, I’m concerned,” 27.2 percent said, “I’m not sure,” and 33.5 percent said, “No, I’m not concerned.”
It’s clear the majority of respondents feel a level of uncertainly, as 66.6 percent of those surveyed answered with either “yes, I’m concerned” or “I’m not sure.”
- The full Kearny Bank Economic Health Survey is accessible at this link.
“It’s not surprising that in the wake of this outbreak, a majority of people in New Jersey are uncertain about their personal finances,” said Kearny Bank President and CEO Craig Montanaro. “We’re facing an entirely new situation, with no blueprint for moving forward. But it’s reassuring to know the financial services sector is providing assistance in the midst of this crisis, and will continue doing so during the recovery.”
Interestingly, only the youngest (18- to 24-year-olds) and oldest (those 65+) sub-groups indicated lack of concern more frequently than they did concern. Both were approximately 10 percent less likely to express concern than the overall survey result.
The current poll results present an interesting point of comparison with the June 2019 Kearny Bank Personal Finances Poll. In response to the question, “What is your single most pressing financial concern?”, 27.2 percent of 1,006 respondents – all New Jersey residents – indicated that they worried most about affording retirement, followed by 17.4 percent who indicated that healthcare costs were their primary concern.
The Kearny Bank Economic Health Survey will be fielded weekly, while the direct impact of the coronavirus pandemic continues.
About Kearny Bank
Seamlessly melding the finest traditions of community banking with state-of-the-industry capabilities, Kearny Bank provides a range of progressive offerings to its personal and business banking clients. Established in 1884, and operating now from administrative headquarters in Fairfield, NJ, Kearny Bank is steadily expanding its footprint throughout New Jersey, as well as New York City’s Brooklyn and Staten Island boroughs. Additional details are available online at kearnybank.com; an overview video can be viewed at bit.ly/2IUWeWJ.