Understanding the Financial Impact of the COVID-19 Pandemic
After releasing our first financial resilience report in 2020, we’re proud to share our second annual survey, which takes a closer look at how the ongoing challenges of the coronavirus pandemic have impacted the financial resilience of those who serve and protect our nation.
At our credit union, supporting financial resilience is at the heart of what we do. We understand the vital roles our members play in society and the challenges they face every day. As this report highlights, financial resilience is a critical factor in the lives of individuals working in the Police, Prison, Military, Fire, and Health services.
Here are some key findings from the report:
- 38% of respondents said they wouldn’t be able to cope financially after a major life change, such as a relationship breakdown, unemployment, or illness.
- More than half of respondents from the Prison & Probation Service have less than £500 saved in an easy-access account for emergencies.
- 34% of Health & Social Care workers shared that the pandemic has negatively impacted their household income.
- Among those employed by a Police Force, one in four admitted they are worried about their current financial situation.
- 35% of Military respondents feel their personal finances affect their ability to do their job effectively.
We hope this report provides valuable insights to employers and our members alike. It shines a light on what it means to be financially resilient and how a lack of resilience can affect both individuals and workplaces. Most importantly, it offers actionable suggestions to help organisations better support their employees.
From budgeting services to financial webinars, there are many ways to build financial resilience—and this report highlights some practical steps organisations can take to help their teams thrive. By working together, we can make a positive difference for the people who dedicate their lives to serving and protecting others.
