[The impact of the first phase of the COVID-19 pandemic on the employment and financial situation of families in Austria].

This research note presents first results of the AKCOVID study. Based on representative survey data the study examines the impact of the pandemic on the economic situation of families with children in Austria. We compared the situation of couples with dependent children and single parents before the start of the crisis (February 2020) with the situation in June 2020. The descriptive results indicate that a large proportion of families were already affected by the economic consequences of the pandemic three months after the onset of the Corona crisis. Pandemic-related changes in the employment situation of parents led to significant financial losses and rising shares of families with difficulties managing on their current household income ( poverty risk). Among the most strongly affected families were couples with more than two minor children and single parents. The analyses illustrate the direct and massive impact of the pandemic on families in Austria. Especially those who were already in a vulnerable financial situation before the crisis felt its economic impact. And many of those who were not yet affected worried that they may still run into financial problems in the further course of the pandemic.