Many are concerned with personal finances, see more

A recent survey by the National Council of Financial Educators (NEFC) shows just how concerned Americans are about their personal finance due to the effects of the coronavirus crisis.

According to the survey, which requested responses from 1,201 people between March 23 and 27, 58.2% say that the crisis has had a negative impact on their personal finance (30.9% rated the impact as somewhat negative, and 27.3% described it as very negative). Around 32% of those surveyed said that the crisis has had neither a positive nor a negative impact, while the remaining 9.9% said that the pandemic has had a positive effect on their finances (6.8% indicated that the effect was very positive, while 3.1% said something positive).

That's the feeling right now, but what about the future?

A person at a desk with a calculator in one hand, a pen in the other, and a laptop in front of him.

Are you in the majority?
When asked about their concerns about COVID-19 affecting their personal finance over the next three months, anxiety levels went up. In response to this question, the majority of respondents, 43%, said they were very concerned, while 27.8% said they were somewhat concerned. Overall, 70.8% classified themselves as concerned about the impact of the disease on their personal finances. Also, the 15% claimed to be neutral, with no concerns one way or the other, while the 6.7% was not very concerned, and the 7.5% was not concerned at all.

NFEC also asked if people were more concerned about their health or finances at the moment. To this question, 58.8% said that their health was their main concern, while 41.2% said that their personal finance.

This marks a change from a poll that came out on March 12. In that survey, 47% said they felt the coronavirus posed a threat to the global stock market and economy, while only 15% felt it posed a threat to them personally.

Read More: Organize your finances through a personal budget

They are ready?
The new NFEC survey also looked at the level of readiness of personal finance of the americans Most feel ready, with 17.5% saying they are very ready, and 29.2% saying they are somewhat ready. In general, the 46.7% reports some level of readiness. On the other hand, 33.2% says that it is not ready, 12.4% is considered somewhat not ready, and 20.8% is identified as very not ready.

The findings coincide with the start of National Financial Literacy Month on April 1. Congress designated April as National Financial Literacy Month in 2004 to raise awareness of the importance of financial education "and the serious consequences that can be associated with a lack of understanding of financial personal finance«.

The survey results will be used to encourage people to financially prepare for future disruptions, such as pandemics, that could negatively affect their personal financeNFEC officials said. According to CEO Vince Shorb: