In Focus Collections Even before the coronavirus hit, causing
widespread economic turmoil, many people were in a precarious or distressed financial situation. Earnings had long lagged behind inflation,
while our research from January 2020, when COVID-19 was only just making its way into the news, found that a fifth (21%) of adults in Britain said they had no savings at all at the moment. Many people are just one change in
circumstances away from being unable to keep on top of their debts. Illness, a relationship breakup, a reduction in hours at work or the threat of job loss can all be devastating even in more ‘normal’ times, but the impact of coronavirus has made this underlying reality more visible. The support from government to underpin
employment through the furlough scheme and to replace lost income for the self- employed has helped many people stay afloat. However, the schemes do not cover everybody, and 80% of usual income for some people on furlough may not be enough to cover their outgoings if they were already finding budgeting a stretch. Many companies also made redundancies
before the furlough scheme was announced, and unemployment is predicted to rise as a result of the coronavirus. The current crisis is playing havoc with the
ability of many to use their normal financial coping strategies. For example, people who look for marked-down food or cheaper brands in supermarkets may find them unavailable, while advice to shop as infrequently as possible means they cannot rely on finding end-of-day bargains, if indeed they are able to leave their houses at all. The closure of schools means many
parents and carers are having to find money for extra food for their children, although voucher schemes offered by some schools and nurseries offer a measure of relief. It is vital to emphasise that people who
are finding it tough to cope at the moment do not need to do so alone. There are many sources of advice and support available, and reaching out for help as soon as possible can only be a positive move. Just make sure that anyone offering
advice is qualified and trustworthy, as – sadly – scammers tend to thrive in difficult times such as these. CCR
September 2020
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