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Coronavirus pandemic could hurt young people’s incomes and mental health for years, research suggests

And older workers could be forced into early retirement with their pension income permanently reduced, Resolution Foundation finds

Monday 18 May 2020 19:36 BST
Related video: Sunak announces extension of furlough scheme
Related video: Sunak announces extension of furlough scheme (Getty)

The coronavirus pandemic could hurt the earnings and mental health of younger workers for years to come, while those approaching retirement may see their pension income permanently reduced, a report has warned.

It forecasts a “U-shaped” living standards crisis that will see young people take the biggest hit, followed by older generations, while the middle-aged are less badly affected.

More than one-third of 18- to 24-year-olds, and three in 10 workers in their early 60s, have seen their pay fall since the start of the year, the Resolution Foundation think tank said. Less than one-quarter of workers aged 35 to 49 have suffered the same fate.

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