American Workers Very Concerned About Finances during COVID-19 Pandemic
Indeed released a pulse survey of how Americans workers are coping with the COVID-19 crisis. Worries about finances, including lost or reduced wages, is the top concern among those surveyed, with 35 percent saying it was what they are most concerned about with their working life.
Additionally, 46 percent of workers who are unable to work from home are the most concerned about their finances, creating additional anxiety during these unprecedented times.
“We know family and health are people’s number one concerns during this pandemic, but their jobs are not far behind,” said Paul D’Arcy, SVP at Indeed. “Given the current uncertainty in the markets and around government action, it’s clear why finances and wages are on the minds of American workers right now.”
Instability in the markets and local businesses being closed by regional “shelter-in-place” orders led to 26 percent of survey respondents saying losing their job was of concern. In addition to finances and job security, caring for loved ones was the next leading concern, selected by 27 percent of those surveyed.
To understand the evolving needs and anxieties of employees and job seekers right now, Indeed will survey 1,000 American workers weekly to determine their most pressing concerns with their careers as a result of the COVID-19 crisis. New results will be released every Wednesday over the next several weeks.
|Which of the following parts of your working life are you concerned about during the COVID-19 pandemic?|
|SUMMARY TABLE OF “VERY CONCERNED”||Total|
|Taking a financial hit (reduced wages, less contract work, decreased paid time off)||35%|
|Caring for loved ones (parents, relatives, pets)||27%|
|Contracting COVID-19 in the workplace||26%|
|Losing my job (impacts to my sector or the business where I work)||26%|
|Spreading COVID-19 in the workplace||25%|
|Maintaining my mental health (work/life balance, stress, social isolation)||22%|
|Challenges of working from home (productivity, meeting goals, navigating technology)||19%|
|Balancing childcare arrangements||16%|
|Of these about which you are “very concerned”, which ONE would you say you are most concerned about right now?||Total|
|Taking a financial hit (reduced wages, less contract work, decreased paid time off)||24%|
|Contracting COVID-19 in the workplace||21%|
|Caring for loved ones (parents, relatives, pets)||16%|
|Spreading COVID-19 in the workplace||12%|
|Losing my job (impacts to my sector or the business where I work)||12%|
|Maintaining my mental health (work/life balance, stress, social isolation)||7%|
|Challenges of working from home (productivity, meeting goals, navigating technology)||4%|
|Balancing childcare arrangements||3%|
In the second week, when asked which one area is most concerning right now, contracting the virus at work is the one that had a slight rise, from 21 percent to 22 percent. Though millions of people are working from home, there are still many people whose jobs are considered essential services.
Caring for loved ones continues to be near the top of concerns for workers right now, however, in the second week there is a drop in concern (19 percent last week to 14 percent this week) about the challenges of working from home in general, suggesting that people are getting used to working remotely.
For tips and guides on handling work and job search during today’s pandemic, please see Indeed’s special COVID-19 Career Guide.