COVID-19 Twin Burdens: Family Loss and Financial Insecurity

Abstract

Background: Although the mental health effects of loss of family members and loved ones to COVID-19 (i.e., COVID-19-related bereavement) are well-documented, less is known about the long-term economic consequences of losing a family member to the virus. In particular, no studies to date have focused on the subjective experience of financial security and certainty following such loss. Objectives: The objective of this study is to examine whether individuals who lost a close family member to COVID-19 report greater declines in perceived economic stability approximately four years later, using longitudinal data from a large, multinational cohort. Methods: We analyzed pooled data from the Global Flourishing Study (GFS), a longitudinal panel survey conducted across multiple countries. The analytic sample included adults with baseline and follow-up data on perceived financial security and bereavement status. The primary outcome was change in subjective financial stability, measured on a standardized self-report scale. The primary exposure was the reported death of a close family member due to COVID-19. Structural equation model (SEM) adjusted for baseline socioeconomic status (education, employment, and marital status), age, sex, and country-fixed effects (sensitivity analysis only). Results: Individuals who reported the loss of a family member to COVID-19 experienced significantly greater declines in perceived economic stability compared to those who were not bereaved. This association remained robust after adjusting for baseline socioeconomic status and demographic factors. The effect persisted across diverse socioeconomic and geographic contexts, suggesting a general pattern of sustained financial insecurity among the bereaved. Conclusions: COVID-19-related bereavement is associated with long-term declines in perceived financial security. While previous research has focused on mental health consequences, this study identifies a parallel erosion in economic confidence among those who lost loved ones. Recovery policies should account for not only physical and emotional well-being, but also the prolonged financial insecurity experienced by bereaved individuals.