Get ready for an income-shock.
Every single one of us is going to have our income and life hit by Covid-19.
The direct impact on our wages might just be for a fortnight if you have to self-isolate. Hopefully you’ll get full pay, but you might only get statutory sick pay of £94.25 a week.
And that’s only if you’re entitled. It might be you have to claim for Employment Support Allowance or Universal Credit which will be lower still.
Now, this drop in income might not happen for weeks or months, so there are things you can do now to hopefully build up a bit of a buffer.
But it could be for a lot longer, especially those who are deemed high risk and are told to stay home for four months. Many people will also work in professions where you can’t work from home. Or if schools are closed, people might have to stay off work to look after their children.
And as social distancing becomes the norm and shops close, it could get even worse. As we’ve already seen with Virgin Atlantic, there’s the potential that some staff could be laid-off temporarily.
And it’s highly likely that many businesses won’t survive if things continue to escalate. Anyone who works in travel, sport, entertainment and hospitality will already be worried.
Banks and lenders have already announced some ways people can get support and the government has revealed some measures. But this is going to keep developing.
So I’m not going to write about those individual measures here. I’m the only person working on this blog and on my podcast. I’ll do everything I can to help you all through this crisis, but I don’t have the time to make sure what I share on these measures is always the latest and most up-to-date.
When it comes to these incredibly important matters I want to direct you below to resources which I know have dozens of people working to keep updated. I will keep adding to this list as new resources come and go, so do check back.
Elsewhere on the blog I’ll be focusing on other ways you can keep on top of your finances, save money on the things you’ll still need to buy, as well as how you can help others – we are going to see so many more people in desperate need of all our help.
My pick of financial resources during the Covid-19 crisis
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One thought on “Financial support if you’re hit by coronavirus”
While this will effect most people, if you’ve retired early with plenty of investments it is a non event from an income standpoint. With a cash bucket full of many years of expenses it’s a social concern to us but not a financial one. In fact it’s another reason people should consider financial independence, to be isolated from recessions, bear markets and pandemics.