Women and young adults ‘more likely to have suffered Covid-19 income shock’

Nearly a third of people in the UK have already seen their household incomes hit by the coronavirus pandemic with women, young adults and those living in London particularly likely to have suffered financial damage, a report has found.

Kantar’s Covid-19 barometer is a global study of more than 30,000 people across countries including the UK.

Within the UK, the report found that the number of people expressing concern about the financial impact of the pandemic has grown from just under half (47%) in mid-March to nearly two-thirds (63%) by the end of March.

The proportion concerned about their health increased from 39% to 52% over the same period.

Nationwide, 31% have already had their household incomes impacted, rising to 49% of 18 to 34-year-olds and also 49% of people in London.

Some 37% of women have had incomes impacted compared with 25% of men.

A further 30% of people in the UK are expecting to see an impact on their finances – meaning around six in 10 have already seen a financial impact from coronavirus or are bracing themselves for one.

The analysis covered Belgium, Canada, China, France, Germany, Italy, Netherlands, Nigeria, Poland, Portugal, Republic of Ireland, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, US and the UK.

Globally, six in 10 (60%) people are worried about the economy’s ability to recover.

Nearly half (47%) of people globally expect companies to support hospitals during the crisis, while 39% say companies should be making themselves available to governments.

Nearly a third (31%) of people want brands to help them during their everyday life, suggesting that how brands behave now will be remembered in life after the pandemic, the report found.