It is undeniable that the COVID-19 pandemic has left many people experiencing financial difficulties. Workplaces that don’t operate due to the lockdown have clearly affected their income.
The question is, how do they manage their finances during a pandemic? Policygenius, a financial services leader based in New York City, New York, and Durham, North California, is trying to make his studies.
In a three-day study (January 12-15, 2021) involving 1,501 married people in the United States, it was found that, although difficult, the pandemic has not changed the way people manage their finances.
About 66% of those who say they have not changed the way they manage their finances, while 34% admit that they have changed it (16% of them even had to tighten their belts because of lower income).
The survey also found that 40% of couples manage their finances together, while 22% of couples manage their finances separately. This means that it is consistent with the results of a survey conducted by Policygenius in 2018 and 2019.
“It’s surprising how few people in a relationship say they have changed the way they manage their finances during the pandemic,” Hanna Horvath, data analyst and personal finance expert at Policygenius, said.
However, the survey also exposed the fact that lying or hiding money from a partner in secret was a deal-breaker for 64% of respondents. In fact, 1 in 10 people say they have a secret savings account and 16% say they think their partner is not financially responsible.