How Has COVID‐19 Related Financial Stress Impacted Mental Health for Minoritized Americans?

The COVID-19 pandemic had damaging effects on the US economy and mental health. Evidence suggests members of minoritized groups were particularly susceptible to mental health problems and COVID-19 related financial hardships. However, there is evidence such groups may have been resilient to these stressors. To examine relations between COVID-19 related financial stress and mental health across demographic lines, the current study computed a cross-sectional multivariate model using nationally representative data from the US Census Bureau's Household Pulse Survey (n = 60,826) investigating COVID-19 impacts. Models demonstrated significant main effects of financial stress and race/ethnicity, and a significant interaction of both variables on mental health, with increased financial stress associated with poorer mental health, and identification as Black, Asian, or Hispanic related to fewer mental health difficulties. The interaction effect revealed Black and Hispanic participants reported greater financial stress with lower anxiety and depression. Findings support that the relations between COVID-19 related financial stress and mental health may depend on demographic differences. Identification as Black or Hispanic appeared to increase risk for COVID-19 related financial stress but not mental health difficulties, suggesting participants who identified as Black or Hispanic showed relative protection from the deleterious mental health effects of financial stress. No such findings were observed for sexual orientation nor gender identity.