Financial Impact of the Pandemic on Employees
The global pandemic has been nothing short of devastating for everyone. Lives have been lost, businesses have shut down, jobs have lessened and so much more significant losses have occurred due to CoVid-19. With all that said, it's important to recognize its financial impact on employees to acknowledge its presence and to raise awareness on such a major issue in this modern time.
Loss of Jobs
Because of the COVID-19 pandemic, numerous professionals, particularly those in sectors that provide in-person assistance, lost their jobs or faced reduced working hours, beginning early 2020. Unemployment rates increased sharply, and some workers eventually gave up seeking employment after days or weeks of hopeless job hunting.
Funds Allocation and Preparation
Brown conducted a study on the financial impact of the pandemic on workers, and the findings revealed that the vast majority said their ability to save for retirement (73 percent ) and emergencies (72 percent ) is worse, and more than half (52 percent ) said their ability to manage debt is worse. Additional funds are critical because they can save lives in emergency situations. An emergency fund, also known as a cash cushion, is money set aside for unforeseen events. Employees are put in danger upon the lack of funds with regard to personal matters. It is never wrong to seek financial assistance in these situations.
Debt and Expense
Debt and expenses are common issues as well. Being in debt can have a negative impact on credit score. A high debt ratio can contribute to a low credit score. A low credit score makes it difficult to obtain a low interest rate on loans. Higher interest rates on loans have an impact on available cash flow. It has become a difficult cycle for many employees who are currently unemployed or struggling financially. If you find yourself in this situation and need assistance managing your personal finances, it is a good idea to contact a professional such as a loan specialist.
BUDGETARY RISK REDUCTION WITH FINANCE
Everyone has been affected by the pandemic. Finance is on your side if you need assistance in managing debt, expenses, as well as other budgetary concerns. If you would like to know more about how ZCV Capital and Consulting can assist you in all your finance needs call 0413 719 646 to speak to our loan specialist today.
Who are ZCV Capital and Consulting?
Based in Melbourne Australia, ZCV Capital and Consulting are proud to work on transactions all over Australia. With over 25 years experience, our team have a deep understanding of the needs to not only survive, but thrive in an ever changing world. ZCV offers consulting and capital raising services in a number of different industries including: Property Finance Start Ups Digital Strategy Entertainment No matter what your need is, our team are here to help. Get in touch with us today to see how we can help you to achieve your goals.