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Banking / Financial

NJ Residents Feeling Financial Uncertainty

Most New Jersey residents are feeling a degree of financial uncertainty related to the barrage of closures caused by the coronavirus outbreak. That’s the finding of the initial Kearny Bank Economic Health Survey, which was fielded online from Tuesday, Mar. 17 through Thursday, Mar. 19.

The specific question posed was, “Given coronavirus-related restrictions and closures, are you concerned about meeting your basic financial needs?” Of the 513 New Jerseyites who responded, 39.4% said, “yes, I’m concerned,” 27.2% said, “I’m not sure,” and 33.5% said, “No, I’m not concerned.”

It’s clear the majority of respondents feel a level of uncertainly, as 66.6% of those surveyed answered with either “yes, I’m concerned” or “I’m not sure.”

The full Kearny Bank Economic Health Survey is accessible at this link.

“It’s not surprising that in the wake of this outbreak, a majority of people in New Jersey are uncertain about their personal finances,” said Kearny Bank President and CEO Craig Montanaro. “We’re facing an entirely new situation, with no blueprint for moving forward. But it’s reassuring to know the financial services sector is providing assistance in the midst of this crisis, and will continue doing so during the recovery.”

Interestingly, only the youngest (18- to 24-year-olds) and oldest (those 65+) sub-groups indicated lack of concern more frequently than they did concern. Both were approximately 10% less likely to express concern than the overall survey result.

The current 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% of 1,006 respondents – all New Jersey residents – indicated that they worried most about affording retirement, followed by 17.4% who indicated that healthcare costs were their primary concern.

The Kearny Bank Economic Health Survey will be fielded weekly, while the direct impact of the coronavirus pandemic continues.

To access more business news, visit NJB News Now.

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