Monday 16 November 2020

Coping with the crunch

COVID-19’s impact on household incomes, savings and debt

The spring lockdown caused the biggest short-term income shock since the mid-1970s, with better off households seeing their savings rise while lower income families took on more debt. But this pandemic has now had eight months to run, with more difficult months ahead as the Government tightens restrictions across the country. Policy makers need a detailed understanding of the very different financial impact on households, as they try to ensure their support matches the challenges families face in the next phase of the crisis.

How has rising unemployment affected household incomes, savings and debt over the past eight months? Has the impact varied? What has happened to the living standards of hundreds of thousands of new Universal Credit claimants since joining the scheme? And what can the Government do to help those most affected get through the next phase of the crisis?

To mark the launch of a new Living Standards report, the Resolution Foundation are hosting an interactive webinar to debate and answer these questions. We will hear from former Prime Minister Gordon Brown on how policy can support living standards. Viewers will be able to submit questions to the panel before and during the event.