Effect of COVID-19 on Financial and Mental Stability – A Comparison in Upper and Lower Socio-Economic Groups

Pandemics are large scale episodes of viral infection that can cause destruction and deaths over a large geographic range and cause major economic and socio-political crisis. Through many studies it has been found that there is a positive correlation between poor financial status and mental health related problems. The aim of this study is to qualitatively determine the extent to which COVID-19 has affected the financial and mental health stability in upper and lower classes of India and what are the factors in place for such differences. For this purpose, 14 individuals were interviewed belonging to either Upper or Lower class and a series of structured questions were prepared. After the collection of the data, it was analyzed thematically and the main concepts and ideas were grouped under 10 themes which provided answers for four research questions. After the data was analyzed thematically, certain common themes were found for each of the research questions. These 4 research questions and the subsequent themes that answer these questions it are: What was the level of impact of a pandemic on the financial inequalities of upper and lower classes?- Financial Losses, Ease of coping with financial losses; What was the level of impact of a pandemic on the mental health of upper and lower classes?-Sense of Belonging, Altruism, Disturbance in Psychological Well-Being, Recreational Activities; How was Spirituality used as a coping strategy by the different classes?- Positivity & Strength, External locus of control and What are the primary factors behind unequal impact in different classes of society?- Access to Services. As found in the research, there are some significant differences in the experience of participants belonging to upper and lower classes during the ongoing crises of COVID-19. The most notable difference was observable in the financial distress it caused in both the groups which further related to a plethora of other problems such as various mental health related issues. The key factors in such differences identified were the varying support systems in place for participants from both sections.