Summary
- The proportion of residents reporting that the coronavirus outbreak has had a negative impact on their household finances has increased consistently since W1
- Larger proportions of males and residents aged 45-55 report their household finances being negatively impacted
Sample chart – this chart shows that
With the Wave 1 sample, 26% of respondents report that Covid19 has had a positive impact on their household finances, 46% report that Covid19 has had no impact on their household finances and 28% report that Covid19 has had a negative impact on their household finances.
With the Wave 2 sample, 16% of respondents report that Covid19 has had a positive impact on their household finances, 48% report that Covid19 has had no impact on their household finances and 35% report that Covid19 has had a negative impact on their household finances
With the Wave 3 sample, 18% of respondents report that Covid19 has had a positive impact on their household finances, 43% report that Covid19 has had no impact on their household finances and 40% report that Covid19 has had a negative impact on their household finances
Impact of the Coronavirus (COVID-19) outbreak on household finances – total sample
Base W1: 1,923 | W2: 1,319 | W3: 776
Age chart – This chart shows that
During Wave 3, 27% of 16 to 24 year olds report that Covid19 has had a positive impact on their household finances, 35% report that Covid19 has had no impact on their household finances and 38% report that Covid19 has had a negative impact on their household finances
During Wave 3, 21% of 25 to 34 year olds report that Covid19 has had a positive impact on their household finances, 41% report that Covid19 has had no impact on their household finances and 38% report that Covid19 has had a negative impact on their household finances
During Wave 3, 22% of 35 to 44 year olds report that Covid19 has had a positive impact on their household finances, 36% report that Covid19 has had no impact on their household finances and 42% report that Covid19 has had a negative impact on their household finances
During Wave 3, 7% of 45 to 54 year olds report that Covid19 has had a positive impact on their household finances, 41% report that Covid19 has had no impact on their household finances and 52% report that Covid19 has had a negative impact on their household finances
During Wave 3, 13% of 55 to 64 year olds report that Covid19 has had a positive impact on their household finances, 49% report that Covid19 has had no impact on their household finances and 39% report that Covid19 has had a negative impact on their household finances
During Wave 3, 17% of over 64 year olds report that Covid19 has had a positive impact on their household finances, 52% report that Covid19 has had no impact on their household finances and 31% report that Covid19 has had a negative impact on their household finances
Impact of the Coronavirus (COVID-19) outbreak on household finances – findings by age (W3)
Base: 16-24: 93 | 25-34: 161 | 35-44: 122 | 45-54: 119 | 55-64: 108 | Over 64: 143
Sex chart – This chart shows that
During wave 3, 23% of males report Covid19 having a positive impact on their household finances, 36% of males report Covid19 having no impact on their household finances and 41% of males report Covid19 have a negative impact on their household finances
During wave 3, 14% of females report Covid19 having a positive impact on their household finances, 50% of females report Covid19 having no impact on their household finances and 36% of females report Covid19 have a negative impact on their household finances
Impact of the Coronavirus (COVID-19) outbreak on household finances – findings by sex (W3)
Base: Male: 378 | Female: 363
Household income chart – This chart shows that
During Wave 1, of those earning less than £20,000 – 11% of respondents report Covid19 having a positive impact on their household finances, 48% of respondents report Covid19 having no impact on their household finances and 41% of respondents report Covid19 having a negative impact on their household finances
During Wave 2, of those earning less than £20,000 – 9% of respondents report Covid19 having a positive impact on their household finances, 45% of respondents report Covid19 having no impact on their household finances and 46% of respondents report Covid19 having a negative impact on their household finances
During Wave 3, of those earning less than £20,000 – 5% of respondents report Covid19 having a positive impact on their household finances, 29% of respondents report Covid19 having no impact on their household finances and 67% of respondents report Covid19 having a negative impact on their household finances
During Wave 1, of those earning between £20,000 and £39,999 – 33% of respondents report Covid19 having a positive impact on their household finances, 39% of respondents report Covid19 having no impact on their household finances and 28% of respondents report Covid19 having a negative impact on their household finances
During Wave 2, of those earning between £20,000 and £39,999 – 14% of respondents report Covid19 having a positive impact on their household finances, 50% of respondents report Covid19 having no impact on their household finances and 36% of respondents report Covid19 having a negative impact on their household finances
During Wave 3, of those earning between £20,000 and £39,999 – 26% of respondents report Covid19 having a positive impact on their household finances, 43% of respondents report Covid19 having no impact on their household finances and 32% of respondents report Covid19 having a negative impact on their household finances
During Wave 1, of those earning between £40,000 and £59,999 – 29% of respondents report Covid19 having a positive impact on their household finances, 49% of respondents report Covid19 having no impact on their household finances and 22% of respondents report Covid19 having a negative impact on their household finances
During Wave 2, of those earning between £40,000 and £59,999 – 25% of respondents report Covid19 having a positive impact on their household finances, 48% of respondents report Covid19 having no impact on their household finances and 28% of respondents report Covid19 having a negative impact on their household finances
During Wave 3, of those earning between £40,000 and £59,999 – 15% of respondents report Covid19 having a positive impact on their household finances, 31% of respondents report Covid19 having no impact on their household finances and 54% of respondents report Covid19 having a negative impact on their household finances
During Wave 1, of those earning over £60,000 – 42% of respondents report Covid19 having a positive impact on their household finances, 41% of respondents report Covid19 having no impact on their household finances and 17% of respondents report Covid19 having a negative impact on their household finances
During Wave 2, of those earning over £60,000 – 25% of respondents report Covid19 having a positive impact on their household finances, 51% of respondents report Covid19 having no impact on their household finances and 24% of respondents report Covid19 having a negative impact on their household finances
During Wave 3, of those earning over £60,000 – 29% of respondents report Covid19 having a positive impact on their household finances, 57% of respondents report Covid19 having no impact on their household finances and 14% of respondents report Covid19 having a negative impact on their household finances
Impact of the Coronavirus (COVID-19) outbreak on household finances – findings by household income (W3)
Base: <£20,000: W1 (353) W2 (223) W3 (144) | £20,000-£39,999: W1 (529) W2 (281) W3 (220) | £40,000-£59,999: W1 (332) W2 (251) W3 (141) | £60,000+: W1 (310) W2 (207) W3 (137)
Key differences by demographic
Age
In W3, 45-54 year olds reported the highest negative impact on their finances, followed by 35-44 year olds. This is a change from W1 and W2, where younger people were more negatively impacted
Sex
Males report more negative impact to their finances, however they also report more positive impact whilst a higher proportion of females say the outbreak has had ‘no impact’ on their household finances.
Household income
Households in the lowest income bracket were the most negatively affected in W1 and W2; this trend has continued in W3 with an even higher proportion (67%) of households earning less than £20,000 per year reporting a negative impact.
The proportion of residents who earn between £40,000 and £59,999 per annum reporting a negative impact in W3 has almost doubled since W2.
Households with an income of over £60,000 per year have seen the largest decrease in positive impact; from 42% in W1 to 29% in W3, a decline of 13 percentage points.
