Mapping the groups most financially impacted by the Coronavirus pandemic
Our mission at Fair4All Finance is to increase the financial resilience of people in vulnerable circumstances by providing access to fair, affordable and appropriate financial products and services. To fulfil this, we need to understand the markets and consumers we aim to serve. For that reason, we completed research using secondary sources to map the groups most financially impacted by the economic fallout of the Coronavirus pandemic.
As circumstances relating to the pandemic continually evolve, it is important for the government and social sector organisations like Fair4All Finance to ensure our responses are as adaptable as they are effective. We plan to continue this research and complement the existing evidence with further analysis. We value collaboration and partnership and welcome any feedback and/or information to help further evaluate this impact.
Research headlines
- More than 6.5 million jobs could be temporarily lost in the UK, with low earners, women, and young people among the most severely impacted
- People struggling prior to the lockdown are at greater financial risk, as income reduction, costly utility bills, and foodbank closures are putting a strain on household budgets
- The financial service sector can supplement incomes losses, allowing households to maintain (or increase if necessary) expenditure and manage the pandemic’s short-term effects on income
The data presented in this report was gathered from various sources, including the Institute for Fiscal Studies, Citizens Advice, and the Resolution Foundation.
We’re keen to collaborate, so if you have comments or new research that you would like to be included in this roundup, please contact hanadi@fair4allfinance.org.uk.