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.
