Financial wellbeing and Covid-19

An impact of the current Covid-19 restrictions may mean that many households, of which NHS colleagues form a part, are financially compromised. This can contribute to increased levels of stress and anxiety for these colleagues, at a time when stress and anxiety may already be heightened. It is therefore important that employers take proactive steps to ensure:

  • Basics such as payroll run as smoothly as possible and any errors in payments (especially under-payments) are corrected as quickly as possible.
  • Expense claims are authorised, processed and paid within 1 month of submission.
  • That all staff are made aware of any financial tools and assistance which is available to them.

Covid-19 has brought unexpected financial challenges to many households, so the pressures and decisions on how to approach credit can also have a major influence on an individual’s response and decisions.  This is especially true when strong family role models or religious beliefs set the tone and manner, and influence individual behaviours. Where community-based savings are common practice, the restrictions required to manage Covid-19 may mean that individuals are prevented from ‘delivering their hand’ or are less able to contribute due to financial difficulties and therefore there may be additional financial pressures on them at this time. Being able to direct colleagues to a range of free and reliable debt management and savings advice is especially important at this time. It is important to be aware that there may also be impacts on individual and community social wellbeing.

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