Meet "Generation Covid"

The 1-minute read to get the money news you need.

Generation Covid

Young people are bearing the brunt of coronavirus restrictions and their economic fallout - and the damage could be permanent. 60% of 16-25 year olds have seen their income take a hit, and they’re twice as likely to lose their jobs as older people. Meanwhile, around 2.5 million kids had no schooling during lockdown.

Small business at risk

An estimated 6 million small businesses are in a precarious position, putting 16.6 million jobs at risk. A study by King’s Business School found that two thirds of businesses owners think they might not survive the pandemic, and more than half say they will run out of money within the next 12 months.

Dividends next year?

Banks might be allowed to start paying dividends again next year. Commercial banks had to cancel dividend payments to shareholders in March this year, to save money and make sure they had plenty of cash in reserve. Now, regulators say banks could restart payments as long as their buffers are strong.

Woodford in court

The first legal case relating to the collapsed Woodford fund will be launched by the end of the year. It’ll argue that Link, the director of the fund, failed to supervise the fund, leading to the loss of many people’s money. It’s likely to be the first of many cases - 15,000 investors have said they might want to make a claim.