Why wealth inequality is driving different coronavirus financial outcomes


This 754-word blog post discusses findings from a report, called Rainy Days, published in partnership with the Standard Life Foundation. The report explores how wealth was distributed across the UK ahead of the Covid-19 pandemic, and how the crisis is having different impacts on the wealth levels of richer and poorer households.

Written on 23 June 2020.

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Poorer families are twice as likely to have relied on credit to get them through the coronavirus crisis.

New research from thinktank the Resolution Foundation found that lower-income households are also 50% more likely to be saving less money than usual.

As the economic crisis continues to develop, this reliance on debt and cutting back on savings could leave poorer households exposed to financial difficulties.

The report, called Rainy Days, was published in partnership with the Standard Life Foundation.