2020 has been a challenging year that no one could have predicted would turn out in the manner in which it did. The outbreak of the Covid-19 pandemic sent economic shockwaves globally, and its impact extended beyond an international health crisis.
The economic effects of the Covid-19 pandemic, in India, led to the reduction in economic activities, subsequently forcing businesses to scale or shut down their operations. It resulted in many families being affected due to the sharp increase in unemployment.
In November 2020, Lotto247.com conducted a survey to understand the financial impact the Covid-19 pandemic had on its Indian market. Over 1,700 adults participated in the survey.
The survey found that 77% of economically active adults in India had lost income due to the Covid-19 pandemic.
According to the findings, the most affected age group were adults in their 40’s. Over 80% of adults in the 40’s lost income as a result of the pandemic. Adults in their 50’s, compared to those in their 40’s, were less affected. However, 73% of them still lost income. Those aged 70 and older were the least affected age group. Only 30% of them lost income due to the pandemic.
Men were impacted more than women, according to the survey results. Just under 78% of men reported having lost income, while 67% of women lost income.
The survey also revealed adults who were divorced were greatly affected, with 87.5% of them losing income. While those in a relationship, but not married, were less affected as only 59% of them lost income.
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