Coronavirus and your money
If you have to take time off work because of coronavirus you may find yourself needing to rely on Statutory Sick Pay (SSP) Universal Credit or Employment and Support Allowance, which is likely to be considerably less money than you’re usually used to living on at the moment.
Alternatively, you might be facing a drop in income because your employer has had to temporarily lay you off or put you on short-time working because there is a reduced demand for your services.
Either way it’s going to be an incredibly stressful period, because although this is a health-based emergency, it’s also important to acknowledge it could be a financial-based emergency too.
It looks like the UK will be dealing with coronavirus for a lot of this year and there’s still a lot of uncertainty about where we’ll end up. The more you can do now to plan ahead will save you time and energy – and importantly, money– when you might not be feeling at your best.
To help you get started, The Money Advice Service have put this action plan together to make sure you’ve thought of everything.
Check out the links below