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The COVID-2019 outbreak has had a profound impact on the family lives of individuals across all income brackets, causing financial disruption even among those with higher earnings. Despite government interventions, financial awareness initiatives, and various investment schemes, many have struggled to navigate the economic shock. According to the International Labour Organization, the crisis resulted in the loss of 255 million jobs, hitting households without well-structured liquid savings the hardest. A 2020 Statista survey revealed that 79% of the Indian population faced financial fragility.
Study Objective: The central focus of this research is to assess individuals' ability to manage their finances during the financial uncertainty brought about by the pandemic. The study aims to determine the financial literacy of individuals in handling reduced salaries or, in some cases, no income at all.
Practical and Social Implications: Examining how individuals cope with challenges during the pandemic, such as unemployment, reduced income, and health issues, sheds light on the broader societal impact. Individuals equipped with financial literacy, knowledge, and the right attitude are more likely to plan and allocate their financial resources effectively, enhancing their financial resilience during such challenging times. Addressing financial resilience is crucial, as its absence can lead to post-traumatic stress disorder.
Findings of the study revealed a robust correlation between financial knowledge, behavior, attitude, planning, management, and financial resilience.