The Implications of COVID-19 on Fear of Financial Collapse

By disrupting the general value paradigm, the typical hierarchy of values, individuals directly affected by the COVID-19 virus have realized an overall shift in perspective, indicating a need to understand the effects of the COVID-19 virus on one’s outlook regarding economic anxiety and fear of financial collapse. The possibility of a global health crisis reaching levels of devastation are certainly great and worth investigating. Throughout this research paper I worked to determine the correlation between fear of financial crises and individuals who have been affected by the COVID-19 virus. Utilizing the Chapman Survey of American Fears (FEAR survey) questions pertaining to the economy and the existing implications of the virus, I have been able to observe an increasing trend of fear surrounding financial downfall in those who have contracted the virus. Social and cultural norms prior to the virus have exacerbated existing disparity in employment, education, and ability to maintain their lives, all factors that directly pertain to finances and ability to maintain financial stability. Following global crises and the observance of attitude change towards personal and national finances, one can see that the values of individuals are greatly affected by health crises and their potential impacts on the economy. Gaining insight into the relationship between fear of financial collapse and health crises are crucial in order to understand what is truly valued in American society