Title: COVID-19-induced financial anxiety and state of the subjective well-being among the Bangladeshi middle class: the effects of demographic conditions
Authors: A.F.M. Jalal Ahamed
Addresses: School of Business, University of Skövde, Högskolevägen 8, SE-541 28 Skövde, Sweden
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.
Keywords: FAS; financial anxiety; BBC-SWB; financial policy; financial therapy; wellbeing counselling; middle class; Bangladesh.
International Journal of Happiness and Development, 2022 Vol.7 No.2, pp.142 - 158
Received: 04 Sep 2020
Accepted: 04 Jan 2021
Published online: 15 Aug 2022 *