Summary
The COVID-19 pandemic not only affected the health of millions of people across the country, but also caused financial stress or even economic crisis to many families.
However, the financial situation in households and the financial impacts experienced by families during the COVID-19 pandemic differ depending upon individuals’ characteristics, including socioeconomic status and ethnicity.
In this note, we document differences in financial impacts of the COVID-19 pandemic – both direct and indirect – on families and young people, with a focus on poverty and ethnic background. We also explore the potential financial impacts on pupils’ GCSE educational attainment, using data from Wave 1 of the COVID Social Mobility & Opportunities Study (COSMO) linked with data from the National Pupil Database (NPD)