As the effects of COVID-19 impact on all aspects of home and work life, financial wellbeing is likely to become a concern for many. This includes good financial wellbeing during this extraordinary time.

Financial wellbeing should be seen as part of a person’s overall health and wellbeing, and can be defined as:

  • being able to respond to unforeseen expenses
  • understanding how to financially plan for the future
  • managing debt and a budget properly
  • contributing to a pension scheme
  • having the knowledge to make good financial decisions and understanding of where and how to seek advice and support
  • being free from financial worry and distress .

Please refer to the following national organisations for further advice:

The Financial Conduct Authority  https://www.fca.org.uk/consumers/mortgages-coronavirus-consumers  offer guidance on the national provision around mortgage holidays during the pandemic

The Money Advice Service https://www.moneyadviceservice.org.uk/en/articles/coronavirus-and-your-money