30 March 2020
Hints and tips from Police Mutual to help with financial wellbeing during Coronavirus
With coronavirus continuing to dominate news and social media, we understand there are many concerns and much uncertainty about the virus, it’s real and potential impacts.
It’s a worrying time for many people especially those with elderly family members, an underlying health condition or those still continuing to serve the public.
As the outbreak continues to take its toll on life and the economy you may be wondering what the financial impact will be for you personally. The government is putting lots of measures in place to help ease financial pressures at this time, steps include:
• Interest rates have been reduced and many providers are offering a 3 month mortgage break.
• 80% of income protected up to a max £2,500 per month for employees. Whilst this might not directly apply to you it may apply to friends and family.
• Many credit card companies are offering payment holidays.
You or your family members may be worrying about how this directly affects you, these worries may include:
• What are your rights if you become ill and can’t work, or for family members who are are self employed or their employer is no longer open for business, for the latest employment and financial advice click here.
• You may have general financial concerns, read here for more information with these issues.
• Other worries may involve travel insurance and holiday cancellation, speak to your insurer or check the website of the holiday provider or booking agent.
• For more tips and advice look at these websites: www.moneysavingexpert.com www.nhs.co.uk www.gov.uk
If you’re having to self-isolate and have some spare time on your hands, then you may wish to use this time to review your finances. You can view all of Police Mutual's financial wellbeing advice here.