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:
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