The lockdown measures that were implemented in the spring of 2020 to stop the spread of COVID-19 are having a huge impact on economies in the UK and around the world. In addition to the direct impact of COVID-19 on health, the following recession will have an impact on people's health outcomes. This paper reviews economic literature on the longer-run health impacts of business-cycle fluctuations and recessions. Previous studies show that an economic downturn, which affects people through increased unemployment, lower incomes and increased uncertainty, will have significant consequences on people's health outcomes both in the short and longer term. The health effects caused by these adverse macroeconomic conditions will be complex and will differ across generations, regions and socio-economic groups. Groups

This research was funded by the Centre for Ageing Better as part of a programme of work understanding Patterns of Work in Later Life. Cofunding from the ESRC-funded Centre for the Microeconomic Analysis of Public Policy (ES/M010147/1) is also gratefully acknowledged. All opinions and any errors are the sole responsibility of the authors only. The ELSA Covid-19 Study data used in this research is funded by ESRC as part of UK Research and Innovation's rapid response to COVID-19.

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Contents Executive summary 1. Introduction 2. Characteristics of the self-employed and pension membership 2.1 The changing characteristics of the working-age self-employed 2.2 Do changing characteristics explain trends in pension membership? 2.3 Changing pension saving among particular types of self-employed individuals 2.4 Summary 3. Have attitudes towards pensions changed among the self-employed? 3.1 Self-reported reasons for not saving in a pension 3.2 Attitudes towards pensions as an asset choice 3.3 Expected retirement income 3.4 Summary 4. Are the self-employed saving for retirement in other ways?

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