Are millennials actually held back by their finances?
Who is to blame for their situation- the economy, the education system, the financial sector - or is it just a bad case of YOLO?
Most importantly, how can technology help?
These were just some of the questions we aimed to answer on a panel discussion on the 15th September with Common Vision. We reflected on insights from their comprehensive Millennials and Money report, and explored how we can help build financial resilience in light of the current economic situation.
Working part-time, flexible schedules, being your own boss definitely has its advantages. However, budgeting on a fluctuating income can be a challenge if you can’t predict how much you’ll be taking home each week or month.
The COVID-19 pandemic has shaken up our everyday lives.
Beyond health concerns, the pandemic has created unprecedented financial difficulties.
Our research shows this to be especially true for workers without a fixed income or permanent employer.
With many of us stuck at home with much less income than before, little to no business, or having to survive on small furlough payments, we aren’t just worrying about our health but our money finances too. As the lockdown rages on we still need to pay our bills, buy food, cover our debts and try to save for the future.
We’ve collated over 50 tips to help us not just survive the pandemic but maybe even start some new money-saving habits too!
Let’s dive in!
Pandemic, lockdown, furlough, and more: we barely even knew these words two months ago. Today they are our reality. Instead of going about our business, we go around in circles in our homes. Some of us work from home, some work much less than usual, some don’t work at all. For many of us this means losing out on a regular job and salary, and it is even worse if we are on a zero-hour contract or gig working. But this does not mean we should give up all hope for our finances! Let’s check out 7 things we can do today, during lockdown, to help our wallet tomorrow.
The world as we know it has been flipped upside down in recent weeks and if, like me, you’re struggling to adjust to the new normal – you’re not alone.
Many people have sadly been made redundant, others have been put on furlough by their company, hours have been cut, self-employed and freelancers have lost work. New research from Wollit found two thirds (61%) of self-employed workers have had less or no work since the start of covid-19.
In recent weeks a big spot-light has shone on the gig economy workers and those on zero or low hour contracts. They provide support in much needed roles in our everyday lives from making deliveries, admin and research, teaching, through to staffing the care homes for the elderly and vulnerable. How are they, and their employers, faring?
Socially-focused fintech Wollit has received investment from venture capital firm Anthemis and banking giant BBVA’s venture creation partnership to help bring financial wellbeing to the 43% of the UK workforce* who live without the financial security of a stable income. Other investors include Plug & Play Ventures, Form Ventures, MAHR Projects and notable angels.
A new report has highlighted the huge – and growing – problem of economic insecurity in the UK. Wollit examines the results.!
Wollit guide covering the basics of financial wellbeing from an employer’s perspective with practical ideas on how to start planning and implementing an employee financial wellbeing strategy.