Coronavirus financial impact tracker: March 2021

Bearing the brunt

University of Bristol and Standard Life Foundation

March 2021

The March 2021 edition of the Financial Fairness Tracker found that families with children have been hit harder financially by the Covid-19 pandemic than other groups. The results were stark:

  • Three in ten UK families with children (27%) were currently living on a lower income than in February 2020, as a direct result of a pandemic-related loss of earnings – compared with 17% of households without children;
  • Four million of the UK’s 14 million children live in a family that has a reduced household income because of the pandemic;
  • 4.5 million live in a family that is using consumer credit to make ends meet;
  • Four in ten households in serious financial difficulty are families with dependent children;
  • Families with dependent children are three times as likely as other households to have claimed Universal Credit since March 2020.

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The Financial Impact Tracker is a regular cross-sectional review of household finances across the UK, surveyed by YouGov and analysed by the University of Bristol’s Personal Finance Research Centre, in partnership with abrdn Financial Fairness Trust. All the Financial Impact Tracker reports are available here.

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