The consequences of COVID-19 on older adults: evidence from the SHARE Corona Survey

ABSTRACT

The COVID-19 pandemic is revealing itself to be much more than a health crisis it is becoming an economic and social one as well. Some segments of the population are more affected than others from the detrimental economic troubles brought about by COVID-19, which are likely going to become worse, and last longer, than the pandemic itself. Inequalities are going to rise, due to loss of wellbeing caused by the measures taken to contrast the spread of the virus. Such measures were directed towards everyone, despite the most vulnerable to the health consequences were also the ones with the smallest role on the economy. However, the economic consequences of the pandemic are especially affecting high-risk groups such as older adults. Making use of the SHARE Corona Survey, we examine the impact of COVID-19 among the older European population, focusing on their ability to make ends meet, loss of employment, and financial support received. Our results show that the ability to get through the month and the likelihood of job loss is positively correlated with increasing age, while aged individuals are less likely to receive financial support. Moreover, we show that such support mostly goes to those who really need it. We also reveal the existence of a social component of poverty. Finally, we highlight some interesting country group differences.