77% of Indian Adults Lost Income Due to Covid-19 Pandemic: Survey
2020 has been a challenging year that no one could have predicted would turn out the way 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 of economic activities, which subsequently forced companies to scale or close their operations. The result was that many families were affected due to the sharp increase in unemployment.
In November 2020, Lotto247.com conducted a survey to understand the financial impact that the Covid-19 pandemic had on its Indian market. More than 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 age group most affected were adults in their 40s. More than 80% of adults in their 40s lost income as a result of the pandemic. Adults in their 50s, compared to those in their 40s, were less affected. However, 73% of them still lost income. Those aged 70 and over were the least affected age group. Only 30% of them lost income due to the pandemic.
Men were more affected than women, according to the survey results. Just under 78% of men reported losing income, while 67% of women lost income.
The survey also revealed that divorced adults were hit hard, 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.