Dataset Information

The Psychology of COVID-19 Economic Impact Payment Use.

ABSTRACT: This study investigates how American adults' personality and financial self-efficacy (FSE) beliefs contributed to how they used their COVID-19 CARES Act Economic Impact Payment (EIP) for spending needs, spending wants, and financial transactions (save, invest, debt repayment). The results from a sample of 1172 Amazon MTurk users collected in July 2020 suggest that both personality traits and FSE beliefs were associated with EIP use. Specifically, this study finds that FSE and conscientiousness emerged as the most robust predictors of EIP use across all categories of financial behavior with a greater allocation of EIP funds to saving and less to spending needs and debt repayment. Additionally, greater FSE is associated with investing, while greater conscientiousness is connected to more spending on wants. The results suggest that saving habits associated with personality and FSE persist in a crisis environment, and pre-crisis preparedness may allow for greater spending flexibility on wants. Significant relationships were also found for openness, extraversion, agreeableness, and neuroticism. The findings highlight how people use unexpected financial windfalls during crises and uncertainty and how personal characteristics contribute to this decision making.

Supplementary information

The online version contains supplementary material available at 10.1007/s10834-021-09804-1.

SUBMITTER: Asebedo SD

PROVIDER: S-EPMC8605780 | biostudies-literature |

REPOSITORIES: biostudies-literature

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Project description:BackgroundIn many countries, the worldwide spread of COVID-19 has led to a near total stop of non-urgent, elective surgeries across all specialties during the first wave's peak of the pandemic. For providers of aesthetic surgery procedures or minimal invasive cosmetic treatments, this led to a huge socio-economic impact worldwide. In order to evaluate valid clinical management strategies for future pandemic events and to overcome the challenges imposed by the current pandemic, it is paramount to analyse the socio-economic effects caused by the COVID-19 crisis.MethodsAn online survey comprising 18 questions was sent out five times by e-mail to all members of the International Society of Aesthetic Plastic Surgery (ISAPS) between June and August 2020. The data set was statistically analyzed and grouped into an overall group and into subgroups of countries with high (n = 251) vs. low (n = 440) gross domestic product per capita (GDP p.c.) and five defined world regions (Europe (n = 214); North America (NA; n = 97); South America (SA; n = 206); Asia and Oceania (Asia + OC; n = 99); Africa and Middle East (Africa + ME; n = 75)).ResultsA total of 691 recipients completed the survey. The majority of the participants experienced severe operating restrictions resulting in a major drop of income from surgical patients. Low GDP p.c. countries experienced a bigger negative economic impact with less aesthetic (non-) surgical procedures, whereas the high GDP p.c. subgroup was less affected by the COVID-19 crisis. Most of the survey participants had already adopted the ISAPS guidelines for patient (pre-) appointment screening and clinical/patient-flow management. For surgical and non-surgical aesthetic procedures, in the high GDP p.c. subgroup more basic-level PPE (surgical mask) was used, whereas the low GDP p.c. subgroup relied more on advanced-level PPE (N-95 respirator mask or higher). Comparing the different world regions, Europe and Africa used more basic-level PPE.ConclusionsMeasurable differences in the socio-economic impact and in the adaptation of safety protocols between high and low GDP p.c. subgroups and between different world regions were present. Since the COVID-19 pandemic is an international crisis, aligned, expedient and universal actions should be taken.Level of evidence vThis journal requires that authors assign a level of evidence to each article. For a full description of these Evidence-Based Medicine Ratings, please refer to Table of Contents or online Instructions to Authors www.springer.com/00266 .

Dataset Information

The Psychology of COVID-19 Economic Impact Payment Use.

Supplementary information

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