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Corona effects: Young people are plagued by existential fears


No customers, no money: Young people in particular feel that the catering trade was not allowed to open at all or only to a limited extent for a long time this year.
Image: dpa

Because bars, cafés and cinemas are closed, many young people are currently out of work. Now their worries are much greater than those of their elders.

D.he corona pandemic is now leading to a loss of income, especially for younger Germans. In a November survey published by Postbank on Wednesday, 27 percent of respondents between the ages of 16 and 29 stated that they lost income. In a survey in May, the proportion was just under 20 percent.

7 percent of respondents under 30 even stated that their income cuts threaten their existence – compared to just 0.8 percent in the spring. Among the respondents of all age groups, only 2.1 percent speak of cuts that threaten their existence; which are even a little less than in the spring survey. Four percent of Germans are still affected by significant losses.

The background is likely to be that many schoolchildren and students earn their living in restaurants, bars and other leisure facilities that are completely or partially closed due to the corona restrictions. “There is an above-average number of under 30-year-olds working in the companies affected by the closings,” says Marco Bargel from Postbank. As a rule, five to ten percent of their salary came from tips, which are not taken into account when calculating short-time allowance.

The worries also put pressure on the optimism of young people: While in 2019 87 percent of them assumed that their financial situation would develop positively, today only 69 percent of those surveyed are convinced of this.

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