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money.co.uk comments: Employment rate at a 10 year low

Written by Salman Haqqi, Senior Personal Finance Writer

11 August 2020

Amid the impact that the Coronavirus has had on the UK economy, the Employment rate is at a ten year low. Money.co.uk has commented on the effect this could have on people's mental health.

Salman Haqqi, personal finance expert at money.co.uk, said: “Employment levels have reached a 10 year low, as employers across the country struggle to recover from the impact of lockdown. Ahead of more bad news anticipated in October, as the government backed furlough scheme comes to an end, it is vital to stay on top of your household finances to keep money worries at bay.

“Money and mental health are very strongly connected. Feeling stressed, low, anxious or depressed is a normal response when you are facing financial hardship. Making a budget sounds obvious but it is one of the simple and practical things you can do to look after your health, and your finances during this difficult time.

“Our personal finance team have created a new guide to managing financial stresses during the pandemic with useful tips and resources for those struggling with the impact of the pandemic on their household budgets"

Money.co.uk top tips on managing your finances to ease money worries:

  • Visit the NHS website -  for advice and tips on coping with money worries.

  • Stay Active -  more physical activity can improve your mood, especially if you’re feeling low.

  • Get debt advice -  check out free services such as Citizens Advice, StepChange debt charity, National Debtline and Payplan for free independent advice and support.

  • Stick to your daily routine - try to keep getting up at a normal time in the morning and stick to your usual routine. 

  • Make a budget - finding ways to make your money go further can be very important during such a difficult time. A great way to do this is to create a budget. https://www.money.co.uk/guides/coronavirus-budgeting-tips.htm

  • Check your bills - checking your regular bills could be more important than ever right now. With more people staying at home for long periods, bills for energy, water and mobile data may well be going up. Ensuring you switch to the best deal for you is a great way to save money.

For further guidance on managing financial stress during this uncertain time, money.co.uk have put together a guide on Managing Financial Stress during the Coronavirus.

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Salman Haqqi

Salman Haqqi, Senior Personal Finance Writer

Salman Haqqi spent 10 years as a journalist reporting in several countries around the world. He left the world of journalism to pursue his passion for personal finance.

Read Salman Haqqi's articles and guides
Joel Kempson

Joel Kempson, Personal Finance Writer

Joel Kempson devotes his time to helping people navigate the world of personal finance and make informed decisions about their money. He spent his early career writing about TV, movies, comic books and rock music.

Read Joel Kempson's articles and guides