Damian Green MP urges people to consider financial well being during coronavirus outbreak

The Money and Pensions Service (MaPS) is encouraging people to pay extra attention to their financial wellbeing during the coronavirus pandemic, and to consider what protective steps they can take now to avoid money worries later on.  

With coronavirus likely to cause disruption for a significant amount of time this year, the government-backed organisation is urging people to spend some time planning ahead to reduce the impact on their finances, as part of online guidance being published today.

Coronavirus is causing unexpected changes of plan and expenses for almost everyone but people who could face the biggest financial impact include those who are self-employed and cannot work due to illness; people facing reduced hours and job insecurity; and those who are close to retirement.

MaPS guidance to everyone, no matter their situation, is that they should review their finances now, to help them avoid running into difficulty down the track.

 

MaPS covers the following guidance on the Money Advice Service website for people to manage their finances during the coronavirus outbreak:

•           Your rights to sick pay and changes to claiming your benefits

•           Step 1 Do an emergency budget

•           Step 2 Check your insurance policies

•           Step 3 Use your savings

•           Step 4 Talk to your creditors if you think you’re going to miss payments

•           Problems paying your rent or mortgage

•           If you think you might not be able to pay gas or electricity bills

•           What to do if you’re getting behind on car finance payments

•           If you are worried about debt

•           If you think you might have to borrow money

•           High cost credit – things to think about

•           Avoid loan sharks

•           If you might need to claim Universal Credit

•           If you’re worried about your pension

•           If you’re worried about redundancy

•           Talk to us

For more information visit the Money Advice Service website page Coronavirus and Your Money

There is also a Money Advice Service Facebook Group for people to talk about their money worries related to coronavirus, which will also include useful tips: Coronavirus and your money