The effects of coronavirus on household finances and financial distress

Cover image
Document type
Briefing
Author(s)
Bourquin, Pascale; Delestre, Isaac; Joyce, Robert
Publisher
Institute for Fiscal Studies
Date of publication
29 June 2020
Series
IFS Briefing Note. BN298
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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The effect of the COVID-19 crisis on the economy has been huge. National income fell by 20% in April, to a level last seen in the early 2000s. But the impact of this vast aggregate shock on the finances of different households will vary widely.

This report uses a novel source of real-time data on households’ finances from Money Dashboard, a budgeting app, to explore the impacts of the crisis so far on earnings, incomes and financial distress, and how they are evolving. This is complemented with household survey data to explain and verify the key trends.

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