The pandemic has had financial repercussions on a global scale. From self-employed small business owners, to large corporations, everyone has felt the impact. Experts have warned that the financial effects will continue to be felt even as economies begin to recover. The IMF predicts that the world economy will shrink by 4.9% this year; the worst recession since the 1930s.
With job losses expected to rise, more and more people will be having to adjust to a lower income. Many small business owners are struggling to cover costs as general demand declines. Families and businesses, who were operating without a contingency fund when the crisis hit, will still be trying to catch up. The value of both personal and occupational pensions is also at risk.
Even as economies cautiously start to open up again, it may be a while before real economic security returns. For people close to retirement, living pay cheque to pay cheque or with a large amount of debt, the continued financial uncertainty is adding to an already stressful situation.
It can be uncomfortable talking about money, but now when so many of us are worried about our personal finances, our businesses and our futures, we need to break down those walls and learn how to ask for help.
Financial difficulties are often the result of unexpected circumstances beyond our control. Taking action sooner rather than later is key.
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A short-term grant* can help you meet a monthly shortfall while you get your budget back on track, or cover one-off unexpected costs such as rent, household goods or health and carer support. If you’re based in the UK and receive income related benefits you could be eligible for our winter fuel payment.
If you live overseas, we may also be able to provide financial support towards the costs of medical care and treatment.
*All of our financial assistance is means-tested. That means we take your income, capital, assets and expenditure into account when awarding financial support.SUBMIT AN ONLINE ENQUIRY FORM
Our specialist debt advisors can help you minimise the impact of your debts through advice, information, budgeting and prioritising payments. CABA can also negotiate with creditors on your behalf to establish realistic payment plans.
Debt advice is available in the UK and to people living overseas whose debt is in England or Wales.SUBMIT AN ONLINE ENQUIRY FORM
Did you know that not all UK benefits are means-tested? We’ll help you work out what you can claim and support you with your applications.
Living outside of the UK? We can help you find out if there are other forms of financial support available where you live.SUBMIT AN ONLINE ENQUIRY FORM
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Living outside of the UK? Our partners at Law Express can connect you with a local legal professional in some European countries and Australia.SUBMIT AN ONLINE ENQUIRY FORM
Use these self-help tools to improve your financial wellbeing.
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Our free personal and professional development courses are available to past and present ICAEW members, ACA students, ICAEW staff and their close families. Following government guidance on Covid-19, we're not running our face-to-face courses until further notice, but you can always access our free courses online.
Learn how to improve your personal finances by managing debt, improving your credit score and preparing for retirement.
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Being a chartered accountant doesn’t make you immune to the ups and downs of life.
Planning ahead and knowing where to go for support and advice if you need it, can make it easier to maintain your financial wellbeing through it all. Taking action sooner rather than later is key.
For more support and information to help you manage your financial wellbeing
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