30% of those with savings of more than £12000 before Coronavirus have seen their savings increase since the pandemic, compared to only 10% of those with no savings.
This is because the closing of so many shops and restaurants has meant high income households have had reduced opportunities to spend their money and so have been forced to save.
It’s also because those able to work from home are more likely to have higher savings rates and home-workers have been the least impacted in terms of income by Coronavirus.
Coronavirus has increased the debt levels of the poorest
21% of those in lowest income households have had to increase debt in the last few months compared to only 13% of those in the highest income households:
Relevance to A-level sociology
This is a good example of statistical research which suggests broad support for the Marxist view of society.
Sources
The above statistics are taken from a recent ‘Rainy Days’ report by the Resolution Foundation.
The report examines the long term trend in inequality in the UK and then the impact Coronavirus has had on inequality.
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