Economic Impact of the COVID-19 Pandemic on Families: An Empirical Study

Abstract

The sudden onset of the COVID-19 pandemic has left a huge impact on human lives. The current study is an attempt to fill the research gap concerning financial implications experienced by Indian working men and their families. A total of 101 men employed under different sectors of the economy were covered conveniently. Results show that with mean age 39.12 (SD=±7.7), most of the respondents were from the working-age group and the main source of income in their family. The study concludes that lockdown during the COVID-19 pandemic grossly affected the livelihood of a large population. Working men experienced delayed salaries, increased workload, fear of uncertainty and reduction in salaries. Under existing uncertainty, a large number of men worried about their future, reduced income and opportunities to work. Financial and technical support through social security schemes and reformed healthcare systems has been recommended.