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Covid-19 hit the world in 2019, and it continues to affect the lives and livelihoods of the world as a whole. While many profited from the pandemic, most of the world’s population either lost their job or received a pay cut in this bleak economic landscape. 

How has Covid-19 changed the way we manage our finances? 

Our financial management is heavily dependent on our flow of income and the expected inflow of cash in the future. Therefore, it is no surprise that the uncertainty of the present times has changed the way we manage our finances. There are three categories of people, and each type works their finances differently. 

Here is a sneak a peek at how the pandemic have altered the financial perspectives among different people.  

Recent Graduates or Young Professionals

Young professionals realize that these are not the times to plan any big and ambitious moves. Usually, graduates seek professional courses and postgraduate degrees to enhance their resume right after college or after collecting a few years of work experience. 

Many plan to go abroad for further studies after taking an education loan and managing their finances in the new country by taking up part-time jobs. However, with the repeated lockdowns, dwindling economies, and no concrete time frame of when this pandemic will cease, graduates have come to terms with putting their plans on hold indefinitely.  

Middle-Aged Workers 

The middle-aged population in their 30s & 40s has faced harsher consequences of the changing economy. These people are burdened with home loans, household expenses, children’s school fees, and any additional expense that may increase due to recurrent investments. 

For them, financial management means having enough money in their emergency fund that can see them through their loss of income or cover the medical expenses that aren’t covered by their insurances. Many salaried employees who relied heavily on their employers for a consistent income and medical insurance had to deal with inadequate funds and a low sense of security when they lost their jobs during the pandemic. 

With the new economic scenario, Middle-Aged Workers are more focused on getting their insurances updated and accumulating a significant emergency fund that will sail them through the tough times. 


Financial management for retirees is an entirely different ball game since consistent income ceases after retirement. Retirees with a large corpus of reliable investment plans that brings them interest-based income managed to sail through these troubling times. Retirees who invest in equities and stocks took a significant hit during the Covid-19 fiasco. As the stock market saw a downward curve, they found it hard to maintain their cash flow with interests. 

Retirees also realized the need to have an additional source of passive income could be helpful. Also, since the elderly population is more likely to succumb to Coronavirus, the need to have proper health insurance came to light. 


Different age groups steered their financial planning methods to adjust to the changing economy according to their responsibilities and requirements. Being far-sighted and having an accurate picture of finances is the primary thing that will help you to maintain your financial freedom.