Corona crisis: Younger people economically more damaged by crisis

According to a study, every second 18- to 29-year-old person has a loss of income, and among those over 60 the figure is 15 percent. This could be due to the employment relationships.

Younger people are economically more affected by the consequences of the corona pandemic than older people. This is the result of a representative study by market researcher Nielsen, commissioned by the Federal Association of Pharmaceutical Manufacturers. According to the study, the older people in Germany were, the less often they suffered losses.

Among 18 to 29-year-olds, one in two (50 percent) reported economic losses, and among 30 to 39-year-olds the figure was still 38 percent. Older people were therefore very often not affected financially by the pandemic. Only 15 percent of those over 60 years of age felt a loss, 85 percent said they had not suffered any economic damage.

According to the market researchers, younger people were probably more often the ones who suffered, as they are more likely to work in jobs that have been hit harder by the crisis and also have poorer contracts more often than older people. In addition, pensioners are not affected by short-time work or unemployment.

The corona crisis also made itself felt in families, as the study shows. While singles and couples were less affected, households with three to four and more than five persons reported economic cutbacks more frequently (42 and 54 percent respectively).

Overall, almost a third (31 percent) of all respondents reported financial losses at home or in their partnership, for example due to short-time work or lack of orders when self-employment is involved. 68 percent said they did not feel any negative consequences in their household budget.

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