Caught in a (Covid) trap


This report from UK think tank Resolution Foundation looks at incomes, savings and sIncomes, savings and spending through the coronavirus crisis.

In this briefing note we examine how the family finances of working-age adults have been affected since Covid-19 gripped the nation this spring. Drawing on new data from a representative survey of 6,000-plus working-age adults fielded in mid-September, we take a close look at how incomes, spending and saving changed during both the lockdown (April to June) and re-opening (July to September) periods. What emerges is a complex picture of winners and losers across the population. There are families who have increased their saving in the crisis; others who have had big incomes falls but been protected by policy; and still others that have fallen through the cracks. As we enter the winter months and a second lockdown, this note provides a clear case for further income support if significant hardship is to be forestalled.

 

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