COVID-19-induced financial anxiety and state of the subjective well-being among the Bangladeshi middle class: the effects of demographic conditions

Abstract

In poverty-stricken countries, the middle class usually falls out of focus in fiscal policy discussions, especially during crises, such as the COVID-19 pandemic. This research aims to determine if the pandemic has impacted subjective well-being (SWB) and financial anxiety (FAS) for a middle-class Bangladeshi sample. During 14-24 July 2020, 129 respondents completed a self-reported survey questionnaire. The results indicate that although people are happy in general, they are worried about their relationships. Women score lower on total well-being, as do those with household incomes below the average. People living outside the capital score marginally higher, people with well-secured jobs denote their higher well-being too. Furthermore, the FAS results indicate higher levels of anxiety among people with lower incomes and unsecured jobs. Therefore, the COVID-19 experience might inform future fiscal policies, including the potential to introduce universal job security insurance and financial counselling to employees after the pandemic.