This emerged from a survey which DNB held in cooperation with the University of Bonn among participants in CentERdata's LISS panel. The survey is representative of the Dutch population aged 16 and over. It was completed by over 5,000 respondents after the Dutch government had announced the economic support package for preserving jobs and incomes. A large majority of respondents consider the government's response appropriate.
Dutch population expect a sustained economic crisis due to the coronavirus pandemic
A majority of the Dutch population expect the economic consequences of the coronavirus pandemic will be felt for a long time. Despite wide differences, more than half of the respondents expect the economic crisis to last between six months and two years (Figure 1). Three out of ten respondents are more upbeat, expecting the economic impact to last six months or less.
The economic crisis caused by coronavirus affects a large proportion of the Dutch population
A large majority of the Dutch population expect to be financially affected by the coronavirus outbreak and the measures to combat it. Around one in six employees expect they may well lose their jobs in the next 12 months. Over 40 percent of the self-employed individuals expect to be without work. 60% of respondents aged 65 and over expect their pension benefits to be cut. One in two expect a significant decrease in the value of their assets (home and other investments) over the coming months, even though at the time of the survey, equity indices had already dropped sharply. In the year ahead, two out of three Dutch expect to i) lose their job or almost all work as a self-employed individual, ii) face a cut in pension entitlements, or iii) experience a substantial drop in the value of their assets. These concerns have an impact on the financial situation of consumers, the majority of which say they will cut down on spending. One in eight Dutch consumers expect to have difficulty paying their debts in the next 12 months.
Figure 1 How long will the economic crisis last?
Percentage of respondents