Early Impact of the COVID-19 Pandemic on Household Finances in Quebec

Early Impact of the COVID-19 Pandemic on Household Finances in Quebec

Early Impact of the COVID-19 Pandemic on Household Finances in Quebec

Early Impact of the COVID-19 Pandemic on Household Finances in Quebecs

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Référence bibliographique [21778]

Achou, Bertrand, Boisclair, David, d’Astous, Philippe, Fonseca, Raquel, Glenzer, Franca et Michaud, Pierre-Carl. 2020. «Early Impact of the COVID-19 Pandemic on Household Finances in Quebec ». Analyse de politiques / Canadian Public Policy, vol. 46, no S3, p. S217-S235.

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Fiche synthèse

1. Objectifs


Intentions :
Authors «present an analysis of [a] survey data, looking in particular at changes in households’ employment and financial situations between 2019 and April 2020. [They] further analyze the profile of CERB [Canada Emergency Response Benefit] applicants and respondents’ expectations for the future and then conclude with some observations relevant to policy.» (p. S218)

2. Méthode


Échantillon/Matériau :
«The survey was fielded to residents of Quebec aged 25–64 years […]. In total, 3,009 respondents completed the [survey] between 8 and 20 May 2020, a period during which all non-essential businesses as well as schools and daycares were still closed by government order.» (p. S218)

Instruments :
Questionnaire

Type de traitement des données :
Analyse statistique

3. Résumé


The «study confirms previous findings that many individuals have lost their jobs (22 percent) or reduced their working hours (–6.3 percent) as a result of the pandemic, resulting in a substantial loss of income for many households. Overall, 30 percent of households in [the] sample experienced a change in employment status of at least one member of the household, and the average loss in monthly income for all polled households, including single and partnered respondents, is $810. The impact of COVID-19 is particularly severe for certain subgroups of the population, such as low-income households and workers in some industries (notably, construction, accommodation, and the arts). [The] analysis further shows how multi-faceted households’ response to a change in income is. An interesting finding is that those laid off have reduced spending but perhaps not by the full extent that might have been anticipated. Other households have also reduced spending, in particular because the lockdown has decreased the need for certain expenditures (leisure, transportation). Many households chose instead to withdraw savings, increase debt, and defer or miss mortgage or other debt payments to smooth spending. Among those laid off, deferring debt payments appears to have been an important margin of adjustment.» (p. S232-S233)