The impact of the COVID-19 pandemic has not only affected the UK’s economy, it has also had a profound impact on so many aspects of people’s lives.

According to recent figures from the Office of National Statistics, between 20^th and 30^th March 2020 following the closures of cafes, pubs, bars and restaurants, over 49% of Brits reported a high level of anxiety. But are those increased levels simply due to the inability to head out and do the leisurely activities we once could? Or are the greater underlying reasons?

What are Brits worried about the most?

With many of us feeling the effects of the pandemic not just at work, but in our day to day lives too, there’s no wonder Brits across the country began to worry more. With the inability to purchase the simplest of items at the beginning of the lockdown period, to not being able to visit friends and relatives, there was more to think about than ever before.

The ONS reported that approximately 5.3 million people in the UK were most concerned about the impact to their finances. Unfortunately, the outbreak decimated industries, causing retail establishments, restaurants and cafes and also office-based businesses to ground to a halt.

This almost immediate push on the breaks meant many were unable to work, placed on furlough or even worse, made jobless.

Among some of the other standout concerns was for people’s overall well-being.

Whether that’s worries about becoming bored at home, lonely or feeling increased levels of anxiety and stress, it seems that many Brits were thrust into concentrating on their own well-being for a change. While many were able to stay at home and isolate with loved ones, others were not so lucky.

How have household finances suffered?

Another concern was how the coronavirus has impacted household finances. Understandably losing a job is never easy, but often many pick themselves up again and apply for something else.

The pandemic has had an incredible effect on how easy it is to do this. With many companies putting a halt on hiring, it’s been incredibly difficult for many to navigate this already difficult time.

There was also the introduction of the furlough scheme in May. This gave businesses a lifeline which meant they were able to pay their employees at least 80% of their wages, despite them not working.

This enabled those not in work to keep up with monthly living costs from mortgage payments, household bills or even ensuring long-term loans continued to be paid. Although still getting much of their salary each month and being able to cope, many still took a substantial dip in their earnings, having a profound effect on their household finances.

How you can improve your financial situation

Whether you take advantage of a mortgage holiday, get in touch with your household utility suppliers or the council, there are several ways in which you can improve your financial situation during these difficult times.

Having open and transparent conversations with the companies who supply your gas, electric and any other services, will allow you to get the help you need from them.

This could be a “holiday” from payments where the money you are not paying is added onto future bills, or in the form of smaller payments for the time being, these conversations will take some of the pressure off your outgoings each month.

Whatever you decide, it’s important to explore all your options to see what works best for you.