Financial Resilience After Furlough

Published: 30 September 2021

As we move through summer and head towards autumn, many people will be aware that Government backed Covid-19 support schemes are all now winding down, with the furlough scheme set to end on 30 September. Understandably, this will be causing a lot of worry and stress for many south west households, but there are things that can be done to put yourselves and your household in a better financial position, and this is a key time to start thinking about that.

The Government’s Money and Pensions Service under the brand MoneyHelper is a free, independent and impartial service that is there to provide guidance and help for anyone who is having challenges with money in their lives. In this article we focus on building financial resilience in the wake of the furlough and related schemes and highlight some of the practical steps you can take with the help of MoneyHelper to improve the financial outlook for you and your family.

The first thing we want to highlight is a fantastic new free service called ‘Couch to Financial Fitness’, available on the recently launched MoneyHelper website. C2FF coaches people to improve their financial wellbeing week by week, whether they are a complete beginner or getting back on track, in the same way they would their physical or mental health. The programme guides people through three simple activities per week over four weeks, to help them master the money basics, followed by a five-week extension to strengthen financial habits. Taking small steps, at their own pace, could make a huge difference to people’s financial confidence.

Topics users will cover as money essentials include cutting costs, staying on top of bills and strengthening savings, followed by an extra five weeks of activities to prepare for life’s money milestones including starting a family, buying a home or saving for retirement. People will be prompted to measure how they feel before and after completing each step, to help track the impact the programme can have on their wellbeing. You can access the programme at www.moneyhelper.org.uk/en/everyday-money/couch-to-financial-fitness

The second financial resilience tool to highlight is Bounce Back, a superb new free service from IncomeMax, co-funded by the Money and Pensions Service, designed to help you bounce back from financial uncertainty. Sign up at the link below, it takes about 2 minutes. Once they have some basic information, you’re all set. You’ll receive an exclusive checklist to maximising your income. It’s packed full of useful resources to help with improving your finances. For those who are particularly in need, you’ll receive free confidential advice from an advisor, online or by phone. https://signup.incomemax.org.uk/

The Government-backed MoneyHelper is a new single destination providing free money and pensions guidance over the phone, online and face-to-face. It also signposts people to expert and free-of-charge debt advice if they need it. Start to develop your financial resilience today and visit www.moneyhelper.org.uk

For free guidance you can trust, we can help. Share this information with colleagues, family and friends and take those crucial steps to a more positive financial future today.