Over half, 54%, of Americans say they’re not financially prepared to handle a contagious disease like coronavirus that may limit their ability to work for a few weeks, according to a recent survey conducted on behalf of Prudential of just over 2,000 U.S. adults.
There are now over 137,000 confirmed cases of coronavirus COVID-19 worldwide and at least 1,700 people who have been confirmed to have the virus in the U.S., according to data compiled by Johns Hopkins University.
For Americans, there are two major types of financial shocks to worry about if you fall ill with coronavirus: income loss and medical costs, Rob Levy, vice president of the Financial Health Network, tells CNBC Make It.
About 45% of those surveyed by Prudential are worried about how quarantines will affect their ability to work for several weeks. People who have a stable job with a good employer that includes high-quality health insurance coverage and ample paid sick leave policies are “better positioned” to deal with unexpected expenses, such as being out of work from coronavirus, Levy says.