Week 2 of Kearny Bank Economic Health Survey: Number of New Jersey residents feeling financially uncertain during coronavirus outbreak rises slightly
2.5% uptick in overall level of uncertainty, to nearly 7 in 10 of those polled
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New Jersey Residents Becoming Increasingly Concerned
FAIRFIELD, NJ (March 27, 2020) – During the past week, an increasing number of New Jersey residents felt financially uncertain amidst day-to-day constraints related to the coronavirus outbreak. That’s the finding of the second, weekly Kearny Bank Economic Health Survey, which was fielded online from Monday, March 23 through Wednesday, March 25.
This second survey and the initial Kearny Bank poll – which was fielded from Tuesday, March 17 through Thursday, March 19 – posed the same question: “Given coronavirus-related restrictions and closures, are you concerned about meeting your basic needs?”
Of the 500 New Jersey residents who responded to this week’s survey (versus the 513 residents polled last week), 40.9 percent said, “yes, I’m concerned,” 28.3 percent said, “I’m not sure,” and 30.8 percent said, “No, I’m not concerned.” These responses represent a 2.5% increase in uncertainty, with 69.2% of all respondents answering either “yes, I’m concerned” or “I’m not sure.”
Financial Uncertainty To Edge Upward
“Now that we’ve experienced another week of the significant changes to normal routine generated by this pandemic, it’s to be expected that feelings of financial uncertainty will edge upward,” said Kearny Bank President and CEO Craig Montanaro. “We’re all facing an unprecedented situation, and it’s natural for people to worry. At the same time, it’s important to keep in mind that many government and business entities – including the financial services sector – are working to provide assistance to those who may be struggling.”
Of note, while the youngest (18- to 24-year-olds) and oldest (those 65+) sub-groups of New Jersey residents indicated lack of concern more frequently than concern in the initial survey, all six, age-based sub-groups expressed concern more frequently than lack of concern in the second survey.
Also noteworthy is that concern among women rose 4.3% from the first survey to the second, while the percentage of men who expressed concern actually dipped by 1.8% from the first survey to the second.
This week and last week’s 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 are 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 continue to 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.