In Japan, it is customary in some households for husbands to give their paycheck to their wives, who manage the finances, and receive a monthly allowance from it. However, as concerns about the new coronavirus pandemic grow, those husbands' finances seem to already be taking a hit.
In an online survey of 810 couples aged from their 20s to their 70s, conducted by the Meiji Yasuda Life Insurance Co., 540 couples from their 20s to their 50s said the husbands received an average monthly allowance of 33,720 yen -- a decrease of 4,054 yen compared to last year. This marks an about-face after two years of the allowance increasing. A decrease of over 4,000 yen has not been seen since the so-called Lehman shock in 2009. It is believed the current decrease is also due to the income tax increase that came into effect last October.
Those reported feeling worried about the future of their personal finances stood at 71% due to the new virus. Of the responses given for why they feel worried, 62% cited "a decrease in income," while 47% answered, "a continuing rise in the cost of daily goods" and 43% cited "a rise in medical expenses."
While many stores throughout the nation are starting to open their doors again, the fact that no one knows when this pandemic is likely to end means a continued tightening of purse strings.
Read more from The Japan News at https://japannews.yomiuri.co.jp/
