The Pandemic Anniversary: It’s been a year… where do we go from here?
It is mind boggling to believe that it has already been a year since the outbreak of Covid-19. On March 11th 2020, WHO announced that COVID-19 can be characterized as a pandemic. In the past year, the number of deaths due to COVID-19 has climbed up to over 2.5 million, and the number of cases is about to reach 125 million. While the possibility of vaccination can make us hope for the return to some semblance of normality, the emotional and financial damage from the past year is not something that can heal immediately or in a passive manner. In a catastrophic and dire event like this where the whole world is affected in one way or another, it is evident that there is not a one-shoe-fits-all solution. From toilet paper and water-bottles emptied from the shelves of supermarkets and streets that used to be filled with people before this pandemic being emptied, to majority of the population getting used to the quarantined lifestyle we have certainty witnessed a great deal of change internally and socially. Over the year, we have learned to adapt to this new way of living through facing and overcoming new challenges when there is a string of hope.
The emotional and financial changes we have witnessed varies across each demographic in the population. Essential workers throughout the world have dedicated their time and energy, risking their own lives to save the rest of the population. However, the workspace that has become beyond nerve-racking also resurfaced, in addition to amplifying, the underlying problems of the workforce that was never entirely addressed: uncertainty, work and family imbalance, and finances.1 A poll conducted by Eagle Hill in August 2020 reported that 58% of US workers were burnt out in comparison to the 45% that was recorded in April.2 This spike can be attributed to many factors, but especially to the stress and anxiety that comes from the uncertainty of the world that surrounds those workers.
On the other hand, many workers were demanded to leave their original workplace and adapt to a new style of labour. This brings in another level of complexity to how we regulate our emotions. A sudden shift in our environment induces extreme isolation and loneliness, especially in the face of precariousness within our media, government, and everyday lives. It leads to extreme financial behaviours reflecting the turbulent external milieu. Additionally, the financial pressure due to the possibility of unemployment acting as the opposing force of emotional exhaustion makes the decision of continuing to work strenuous, leading to financial trauma.
Similarly, the student body as a whole was asked to adopt a new way of learning, which is very different from the traditional way. The conventional educational dogma does not necessarily match all student’s optimal learning methods; however, the so-called “zoom-fatigue” exhausts both the students and the teachers and is not conducive for long-term learning. Moreover, the psychological and physical tiredness are not the only problems. According to the WalletHub’s 2020 College Student Financial survey, ⅔ of the college students express change in how they feel about their financial future.3 Coinciding with the increasing cost of living, the pandemic has aggravated students financial worries.
Within each population, each individual has had a different experience throughout the pandemic. Some may have lost loved ones, while others may have experienced a drastic decline in mental health. Many of us did not have the choice but to persevere and make these tough financial decisions despite the psychological exhaustion this pandemic has caused. A year after the initial shock, many still are unsure about what the future holds. Jefferson Center trauma clinicians, Jamie Schlichenmayer and Joel Smith, discuss the two different types of trauma, direct trauma and vicarious trauma, that are associated with the current pandemic. While direct trauma is our response to the direct exposure to the distilling event, which in this case is our experiences with the pandemic, it can lead to vicarious trauma due to the interconnectivity of all our lives, especially through the use of social media.4 Despite all we have in the scientific literature, we cannot know the full emotional and financial impact of COVID-19 on our lives yet. The financial toll and its peak impact may show a couple months, or even years after.
Though it has been a year already, it is still equally important as it was in March 2020 to acknowledge the trauma that we have gone through. It is mentally draining and damaging to have the mentality of “it’s already been a year, I should be fine”, or “why am I still thinking about this”. Emotional regulation does not only apply at the peak of stress, but rather a habit that can help us manage our polarizing emotions in situations like these. In a way, the financial concerns of many individuals are not as urgent nor critical as before.5 However, almost half of Americans are spending less compared to a year ago and also 49% of the people who lost wages is still earning less than before.5 What does this say about us and our emotions?
- It is not necessarily that the situation got exponentially better in the past year, but we have adapted.
- It is important to keep working on emotional regulation because it is about creating a habit, and not a band aid solution.
Unlike a sudden problem that had emerged out of nowhere, finance has always been affected by our emotions as it is such an integral part of our life. Although none of us are certain about the future, it is critical to remember that while we may not be able to control our external variables, we are able to manage how our emotions impact our financial health. Despite all that happened in the past year, we have all survived 100% of the days. Let’s not let our environment dictate our decisions.
References
- Bruce, J. (2020, April 03). In a Covid-19 WORLD, mental health is workforce health. Retrieved March 23, 2021, from https://www.forbes.com/sites/janbruce/2020/04/03/in-a-covid-19-world-mental-health-is-workforce-health/?sh=28b40b072385
- Employee burnout FROM covid-19 on the rise, with 58% of US workers reporting burnout. (2020, November 19). Retrieved March 23, 2021, from https://www.eaglehillconsulting.com/news/employee-burnout-from-covid-19-on-the-rise-with-58-of-u-s-workers-reporting-burnout/
- Dickler, J. (2020, August 31). Due to PANDEMIC, more than 13 million college students are worried about their financial future: Study. Retrieved March 23, 2021, from https://www.cnbc.com/2020/08/31/majority-of-college-students-are-worried-about-money-due-to-covid-19.html
- Bruce, J. (2020, April 03). In a Covid-19 WORLD, mental health is workforce health. Retrieved March 23, 2021, from https://www.forbes.com/sites/janbruce/2020/04/03/in-a-covid-19-world-mental-health-is-workforce-health/?sh=28b40b072385
- Horowitz, J., Brown, A., & Minkin, R. (2021, March 05). The COVID-19 Pandemic’s long-term financial impact. Retrieved March 23, 2021, from https://www.pewresearch.org/social-trends/2021/03/05/a-year-into-the-pandemic-long-term-financial-impact-weighs-heavily-on-many-americans/