Figures show we might all be in the same storm ...but we’re not in the same boat

This poll shows the effect that the mothballing of our economy is having on households and reminds us that when we talk about economic impacts what we really care about is the impact on people.

Despite the unprecedented support from governments, the financial toll on many households will be severe and, no doubt, long-lasting.

But these figures also show that disproportionate impacts are being felt by two groups in particular: younger people and families with children. Unfortunately, we can only surmise that things are likely to get worse before they get better.

If you are aged between 18 and 24 and working, you are much more likely to be working in one of the shut-down sectors. Half of workers in this age group were working in either the hospitality, retail or recreation sectors. Many of these are part-time, combining work with studies, and whilst this might imply a less severe financial hit than for full-time workers, there are students who will be reliant on this income to support their studies. For those coming to the end of their studies, immediate prospects for graduates look foreboding.

This poll also highlights parents as being particularly effected as financial pressures build the more children you have. Anyone who is facing uncertainty over their job will, of course, be anxious not just about their own needs, but those of their children.

The transition we will soon embark on in reopening more of our economy will be in the absence of schools and nurseries fully reopening. Who cares for the children if employers are asking parents to return to their places of work? Without care being provided outside the home, our labour market can’t function anything like close to normal. Some parents will simply not be able to return.

This research shows that whilst we are all in the same storm, we are certainly not all in the same boat.

Government support will need to consider our economy in all its complexity to help people navigate their way out of this crisis.