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Income falls for half the world population, many Dutch people save less

As a result of the pandemic, half of the working world population has less income than before. This is shown by research by the American opinion research firm Gallup. The study involved 300,000 people from 117 countries.

The monthly wages fell for about half of the working people. That is the case with 1.6 billion workers. Low-wage countries in particular were hit hard by the corona virus economically.

Loss of income

In some countries, up to three quarters of the population lost income. Thailand has been hit hardest in this respect: 76 percent of the working population lost income. Residents of Ecuador, Honduras, Indonesia, Uganda, Kenya, Myanmar and Bolivia were also badly affected. More than 70 percent of them saw their wages fall. And in many cases that was not much.

Women hardest hit financially

Women, in particular, who are over-represented in low-paid sectors, had extra financial difficulties. They represent the largest group active in, for example, tourism and retail. Uncertain sectors, which were already no money, and which have now been hit hard by the pandemic. According to Oxfam, women worldwide had $ 800 billion less in income during the crisis.

Many people in Western countries also lost their jobs and income, but the damage is generally much less than in poorer countries. In the United States, 34 percent of the working population lost income. Switzerland did best damage control; ‘only’ 1 in 10 Swiss received less money in the bank account at the end of the month.

Savings for the Dutch at record high

It is unclear what the figures are for the Netherlands, but that the Dutch working population has also been affected, according to a savings survey by Rabobank. The Dutch saved more money than ever, but that was mainly done by people with an above-average income. 6 in 10 Dutch people with an average income do not save or save less. Three quarters of households with a below average income indicated that no savings have been made since the start of the pandemic.

3 surprising tips for growing the amount in your savings account

The big earners in particular spent less and thus pocketed more. This means that no less than 46 billion euros was saved in the Netherlands in the pandemic, 2.5 times as much as the year before. This also puts the savings balance of the average Dutch household at a record high. But it should be clear that this is not the case for many families.

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Half the world’s population loses income due to pandemic, most Dutch people save less

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